Vancouver-based Klue, which utilizes data to help businesses improve sales, increases a $62M Collection B led simply by Tiger Global, carrying out a $15M Series The in September 2020 (Aisha Malik/TechCrunch)

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Klue , an AI-powered competitive enablement platform, has raised $62 million in Series B funding led by Tiger Global, with participation from Salesforce Ventures. The Vancouver-based company combines intel collection capabilities with today’s approach to content distribution aimed at providing users with the insights needed to drive revenue and business impact.

The platform automatically gathers competitive data from public and private external sources such as the news and competitor web page changes, as well as data from internal teams through integrations with platforms like Slack, Highspot and Salesforce. Klue aims to enable product marketers and competitive intelligence teams to improve their coverage of competitors.

“Our platform makes it easier to update competitive content, keep carefully the organization informed on market changes, and enables sellers with real-time access to insights to improve competitive deal performance, ” Jason Smith, the CEO and co-founder of Klue, told TechCrunch.

Smith outlined that Klue plans to use this particular latest round associated with funding to invest greatly in product development. The business will double upon its AI features to make insight generation easier in order to unlock opportunities to expand its user base through new market development. Klue also plans to invest in product experience for its end-users to create a seamless connection between revenue teams and their usage of competitive insights. It notes that the funding will also fuel its expansion in to new verticals and markets.

Image Credits: Klue

Klue’s Series B funding follows its $15 million Series A round announced in September 2020. The round was led by Craft Ventures with participation from HWVP, existing investors OMERS Ventures, Rhino Ventures and BDC Ventures, along with several angel investors.

In terms of growth, Klue has seen 3x customer growth since its previous funding round. The company has served nearly 400 enterprise clients and more than 110, 000 users since its launch in 2017.

“Our vision is for every department of every business to have a relevant, personalized and continuously updated lens into their competitor’s world. This system will be machine and human-driven, automatically pulling raw intel from your co-workers, internal systems and across the web and curating it in to organized, actionable insights, ” Smith stated.

Regarding future plans, Klue plans to find methods to reduce the burden of collecting intel and in addition automate insights. The business wants to introduce deeper integrations with enterprise tools like Slack, Salesforce, Gong, Highspot and Gainsights. Klue also plans to launch multi-user, collaborative and security features in the future. These features will allow users across departments to work independently and collectively within the same system.

The company also sees a future where Klue will support smaller companies with a lighter self-serve product. It also sees it self supporting B2C businesses, such as retail and CPG companies which are concerned about competitive pricing, positioning, packaging and distribution.  

“We truly see Klue becoming the standard operating-system for companies to see and know their competitor’s every move, ” Smith said.

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