We’re delighted to announce that Forma.ai has secured $10 million USD in series A funding led by Crosslink Capital, joining disrupters like Casper, Chime, and Postmates under the wings of the early-stage VC fund. Forma.ai is also backed by Golden Ventures, Panache Ventures, Uncork Capital, and Xfund.
“SPIFs have a significantly greater impact when sales reps can track their performance in real-time and see clearly what they must do next to earn more.”Kyle Webster, VP Customer Ops – Forma.ai
With 300% year-over-year company growth and rapid enterprise adoption of its unparalleled sales performance intelligence platform, Forma.ai plans to scale its engineering teams and keep pace with mid-market and enterprise demand.
Breaking Through Stagnation to Revolutionize a $1 Trillion Sector
More than 15 million people in North America earn sales-based incomes, totaling an estimated $1 trillion every year. But inefficiencies in manual compensation processes slow mid-market and enterprise growth and hurt individual earning potential. Current industry solutions remain focused on spreadsheets and clunky software, amounting to slightly better administrative tools for performing manual tasks. And those inefficiencies result in lost revenue for the company and inaccurate pay for sales teams.
In other words, it’s ripe for disruption.
“In a category heavily reliant on dated, disaggregated technology, they have created a unified platform that harnesses AI and automation to enable data-driven decision making and better agility for their customers. Our partnership will help further scale their technology and team of domain experts to bring a fresh perspective to the enterprise. We are excited to be working with the Forma.ai team on their exponential growth path.”Phil Boyer, Partner – Crosslink Capital
Rather than creating yet another tool that manages only parts of the sales performance equation, Forma.ai has built a unified intelligence system that automates manual administrative processes across every aspect of sales performance planning, implementation and measurement. It joins the human control and visibility required by enterprises with science-based logic to predict, model, test, and merge any sales scenario seamlessly.
“Over the past four years, we’ve worked hard to build a unified artificial intelligence system that truly automates every aspect of the sales incentive and compensation management process. This funding will help us continue to serve our growing base of enterprise partners.”Nabeil Alazzam – CEO, Forma.ai
Why Forma.ai is Excited
Handling more than $1 billion in annual commissions, Forma.ai counts OpenTable, Stryker, IntelePeer, Ritter Communications, Edmentum, and others among its customers. But the company had held back from institutional backing in order to focus on ensuring that product development matched the real-world needs of enterprise clients. With the platform now ready to scale, VC support will help accelerate the company’s ability to show the world there’s a better way to manage sales performance.