Pitchit, a pioneer in AI-powered Lead Qualification as a Service (LQaaS), closed an oversubscribed $2.5 million seed round, led by Silicon Road Ventures, with participation from Gray Ventures, Plug and Play, and Alchemist Accelerator.
Pitchit’s LQaaS platform, available today, automates the first 24 hours of manual labor required to qualify inbound leads.
To date, Pitchit has helped telecom and insurance sales teams qualify 531,000+ leads, save 4,400+ labor hours, book 4,000+ meetings, and close $280 million in customer revenue.
Customers using Pitchit experienced a 250% increase in their lead qualification rate, on average.
“Today’s consumers demand a fast, frictionless, and personalized sales experience, yet sales teams are overwhelmed with the volume of potential leads that require rapid and accurate qualification across a growing number of channels,” said Frank Tighe, Managing Director and Partner at Silicon Road Ventures.
“We’re thrilled to lead the investment in Pitchit’s AI platform because it is a quantum leap forward for B2C sales teams: it streamlines the lead qualification process and ensures that sales professionals reach potential customers at the moment they are ready to buy.”
“Pitchit is solving a critical need for virtual sales teams, especially within the telecommunications industry,” said Alex Gray, Vice President at Gray Ventures. Gray Ventures invests in software startups serving the telecoms industry and other tech-enabled industries.
“We are particularly excited by the timing of this opportunity, given the emergence of AI/ML as powerful tools in business operations, including sales and marketing.”
With the new funding, Pitchit plans to expand its AI capabilities, including more sophisticated text and voice recognition features, and enhance its integration ecosystem.
Baselayer has raised $6.5 million in an oversubscribed seed funding round