Vancouver-based SaaS startup Penny AI has raised a $33.9 million CAD ($27 million USD) all-equity Series B round led by Boston venture capital firm PSG.
The financing, which Penny AI classifies as oversubscribed, also saw participation from Acronym Venture Capital and ScaleUP Ventures.
Maria Osipova, chief marketing officer at Penny, told BetaKit that this investment brings Penny’s total funding to date to $40.8 million CAD ($32.5 million USD). Penny previously raised a $650,000 seed round in 2018, and a $5 million Series A in 2020.
Osipova declined to disclose the amount of secondary capital included in the $27 million financing.
Founded in 2017 by David Abbey (CEO) and Chris Noble (CTO), Penny provides data-driven direct sales solutions. The company describes itself as a virtual assistant to sales consultants by providing contact management, prospecting, and communication tools in a single platform.
“Back in 2017, we started something special in Squamish BC when we uncovered an incredible opportunity to introduce AI to an otherwise underserved market,” said Noble. “As we rapidly expanded, we built an experienced engineering team so we could keep increasing our users’ performance and ultimately help everyone get one more sale.”
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According to Penny, the new investment will be used to accelerate its platform’s expansion. Penny noted that it is developing a learning platform designed to upskill sellers and plans to offer actionable insights and data visualization tools. The startup said it also wants to close the gap between customer discovery and instant transactions across different social media channels by tracking sales data and attribution into one dashboard.
Claiming hundreds of thousands of sellers using its platform, Penny said that its technology has been deployed in over 60 countries and iterated in 25 languages.
Over the last year, Penny quadrupled its employee base, alongside hiring former Western Governors University learning experience director Lauren Carris as vice president of learning design.
Featured image from Campaign Creators via Unsplash.