Scalestack Raises $1 Million in First Funding Round, Renews Multi-Year Deal with MongoDB

Published: November 20, 2023 at 9:11 am Updated: November 20, 2023 at 9:13 am

Edited and fact-checked:
November 20, 2023 at 9:11 am

In Brief

AI-driven data platform Scalestack, today announced it has successfully closed its first funding round, raising $1 million.

Scalestack Raises $1 Million in First Funding Round, Renews Multi-Year Deal with MongoDB

AI-driven data platform Scalestack, today announced it has successfully closed its first funding round, raising $1 million. The investment comes from a consortium of backers including Ripple Ventures, Forum Ventures, Flyer One Ventures, Founders Network Fund and others.

Scalestack said the capital infusion will be utilized for expanding the platform’s capabilities and increasing its market presence.

While many sales tools focus on prospect conversion and engagement, the targeting phase in sales technology often lags behind, characterized as archaic and underdeveloped. This deficiency forces B2B SaaS companies to either burden their representatives with research responsibilities, leading to decreased performance or invest in costly and challenging-to-maintain in-house data enrichment teams.

Scalestack asserts it sets itself apart by not selling data but instead creating customized automated workflows for existing data, both internal and external, aligning with the key dimensions of their customers’ Ideal Customer Profile (ICP).

“We are exclusively focused on making sure that our customers can make sense of the data they already have in their systems (e.g. CRM), by enriching it and making it better with third party data (e.g. Crunchbase, Zoominfo, Linkedin and more),” Elio Narciso, co-Founder and CEO of Scalestack told Metaverse Post.
“It’s not easy to make sense of the data for B2B SaaS companies: with different Ideal Customer Profiles (ICP), and different attributes that they care about, the “enrichment’ needs to be customized. What we do well is this customization, at scale and automatically.”

Leveraging AI to Streamline Sales Insights

Scalestack said the workflows are executed at scale within customers’ Customer Relationship Management (CRM) systems, ensuring consistently updated and properly prioritized data. The platform employs artificial intelligence (AI) to deliver insights to sales representatives efficiently.

“We leverage AI to enrich data itself. It fills the data gaps that we find in third party data. In the past year however, we have gone way beyond this, and built an AI platform that is capable of ingesting and digesting lots of data, including news, job postings, financial data, and then uses those insights to generate a better pipeline for reps, down to their daily workload planning,” explained Narciso.

The company also announced the acquisition of new customers, including the renewal and expansion of a multi-year contract with MongoDB.

MongoDB is a renowned developer data platform that offers a unified and consistent user experience for development teams addressing the diverse requirements of modern applications.

“Our sellers get hundreds of sales leads coming in weekly from a large variety of sources like events, job postings, and via social networks,” said Meghan Gill, SVP Sales Operations at MongoDB. “Leveraging AI, Scalestack has been key in helping us to easily aggregate, manage, and automate disparate GTM data sets in a matter of minutes and identify true leads.”

Scalestack utilizes MongoDB’s Atlas and Atlas Vector Search, identifies engaged prospects in sales and marketing funnels by training on various data sources, such as ZoomInfo, Crunchbase, LinkedIn and internal CRM data.

“MongoDB Atlas stores all the raw data that we use to generate insights for our copilot. It enabled us to build a product without worrying about managing the database,” said Scalestack’s Narciso. “We use Atlas Vector Search to store the data we use in our RAG chatbot and it provides long term memory to the LLMs we use. Just like with MongoDB Atlas, we don’t have to worry about the infrastructure.”

The platform creates a customized and automated data view of ideal customer profiles, streamlining prospect prioritization based on this information. It then provides actionable insights for sales teams to effectively reach out or maintain relationships with potential and existing customers.

“Our AI platform is capable of understanding what targets each rep should reach out to, every day, depending on all the insights that we track across dozens of data sets, and that’s something that we have been testing with MongoDB for months, and we are now rolling out at a massive scale,” Scalestack’s Narciso told Metaverse Post.

As the AI sales market aims to reach an estimated value of $93 billion by 2032, Scalestack said it aims to position itself as a market leader addressing a specific challenge.

“I think speed disproportionally matters — in business in general but specifically in our space. So far we have been evolving our platform meaningfully in the last year, grown customer relationships and revenues, and that shows: as you know, this is not the best fundraising environment we have seen, and our space is generally perceived as crowded – and yet, we were able to fundraise quickly in our first round,” Narciso added.

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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master’s degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends.
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