London-based revenue analytics and forecasting platform Kluster has raised $5 million in a Series A funding round. The startup intends to use the capital to continue product development as well as push further into the American market. Since 2020, Kluster has raised $6 million.
Kluster’s $5 million Series A round was led by Foresight Group, with SuperSeed and angel investors including Cognism CEO James Isilay participating.
Surveying the startup landscape, you don’t have to look too far or dig too deep that the age of “growth at all costs” has seen its days. With VCs tightening their belts, the message is clear: the road to profitability has to be crystal clear.
What this translates into in the day-to-day operations of a scaling B2B SaaS company is simple: sales targets to be met.
However, the problem is that there is no oracle to consult, no crystal ball to gaze upon, no University of York theoretical physics graduate who possessed experience building forecasting models for catastrophic events, such as hurricanes and terror attacks, across the Lloyd’s of London market that could extrapolate this work to revenue forecasting. Or is there?
By putting the power of AI to work, Kluster says its customers can consistently beat their revenue targets every quarter.
The startup’s solution offers a two-pronged approach; first, its AI will analyse data and trends and create a detailed sales plan. This roadmap presents everything that needs to happen during a specific quarter as well as over the course of the year including how many sales staff to hire, how many calls need to be made, the number of prospects to contact, opportunities to be generated, etc. By formulating a series of KPIs, everyone on board has a crystal clear picture of what needs to be done and when.
The second prong of Kluster’s plan of attack lies in monitoring performance. If numbers aren’t being met across the sales team, or any number of performance-diminishing variables are detected, the AI will revise the forecast and course-correct ensuring that the overall goal is achieved.
Since late summer 2016, Kluster has grown from co-founders Dan Thompson (the physicist) and Rory Brown (the sales guru) to a 30 person team that works with a number of growing companies in North America and Europe including CurrencyCloud, ExtraHop, OysterHR, SEON, TrueLayer, and TigerConnect.
Lead image: Paul Clarke