Leading AI sales company 11x has secured approximately $50 million in a Series B funding round led by venture capital firm Andreessen Horowitz.
Sources familiar with the deal say the new investment values 11x at around $350 million. This represents a significant increase over the company’s $90 million valuation during its $24 million Series A round earlier this year.
Founded by Hasan Sukkar, 11x uses artificial intelligence to power automated sales representatives, or ‘bots’, that can perform tasks like lead generation, outreach and phone conversations. The funds will allow 11x to expand its suite of ‘digital workers’ and further develop its technology.
Currently, 11x offers two AI agents – Alice focuses on outbound sales activities while Jordan specializes in inbound phone conversations. Both are designed to handle many of the routine duties performed by human sales reps.
With offices in San Francisco, 11x is one of several startups in this emerging space. Others include Reggie.ai, AiSDR and Artisan while enterprises like Salesforce have also introduced AI-powered sales tools.
Despite concerns around distinguishing offerings, Andreessen Horowitz was willing to make a bigger bet on 11x’s vision. The startup is approaching $10 million in annual recurring revenue, implying the new valuation represents around 35 times recurring sales.
While early in the AI sales assistant industry’s development, 11x’s Series B indicates it may be pulling ahead of competitors. Future growth will show if it can maintain a significant lead or if others catch up in this rapidly growing sector.
