Insider Brief
- Pitchit, an AI-powered Lead Qualification as a Service (LQaaS) platform, raises $2.5M in an oversubscribed seed round led by Silicon Road Ventures.
- The platform automates the first 24 hours of lead qualification, helping telecom and insurance sales teams save over 4,400 labor hours, book 4,000+ meetings, and close $280M in customer revenue.
- With the new funding, Pitchit plans to enhance its AI capabilities and expand its integration ecosystem to offer more sophisticated text and voice recognition features.
PRESS RELEASE — SAN FRANCISCO, CA/ACCESSWIRE/July 23, 2024 — Pitchit, a pioneer in AI-powered Lead Qualification as a Service (LQaaS), emerged from stealth to announce it has successfully closed an oversubscribed $2.5 million seed round, led by Silicon Road Ventures, with participation from Gray Ventures, Plug and Play, and Alchemist Accelerator.
Pitchit’s LQaaS platform, available today, automates the first 24 hours of manual labor required to qualify inbound leads. To date, Pitchit has helped telecom and insurance sales teams qualify 531,000+ leads, save 4,400+ labor hours, book 4,000+ meetings, and close $280 million in customer revenue. Customers using Pitchit experienced a 250% increase in their lead qualification rate, on average.
“Today’s consumers demand a fast, frictionless, and personalized sales experience, yet sales teams are overwhelmed with the volume of potential leads that require rapid and accurate qualification across a growing number of channels,” said Frank Tighe, Managing Director and Partner at Silicon Road Ventures. “We’re thrilled to lead the investment in Pitchit’s AI platform because it is a quantum leap forward for B2C sales teams: it streamlines the lead qualification process and ensures that sales professionals reach potential customers at the moment they are ready to buy.”
“Pitchit is solving a critical need for virtual sales teams, especially within the telecommunications industry,” said Alex Gray, Vice President at Gray Ventures. Gray Ventures invests in software startups serving the telecoms industry and other tech-enabled industries. “We are particularly excited by the timing of this opportunity, given the emergence of AI/ML as powerful tools in business operations, including sales and marketing.”
AI Lead Qualification — How Pitchit Fits Into the Modern Sales Process
As soon as a marketing-qualified lead enters a CRM, there is a 24-hour time window where a salesperson must manually qualify the lead as quickly as possible before the lead loses interest. Historically, this stage in the sales pipeline was labor-intensive and required direct phone calls, discovery meetings or live chat conversations to finish the qualification process.
Pitchit’s industry-first AI LQaaS solution can sync leads from 7,000+ channels — social media, CRM, email, SMS, and more — to quickly quote pricing, book meetings, handle objections, and capture personally identifiable information (PII) before handing qualified leads off to a human sales rep. By focusing on purchase-ready leads, brands with a large volume of B2C sales across multiple consumer touchpoints can dramatically increase sales qualified lead (SQL) conversion rates, lower the time and cost associated with every sale, and maximize revenue per sales representative. In addition, by reducing sales friction, brands can offer their customers a faster and more personalized sales experience while reducing costs.
“Imagine direct-messaging a cell phone service provider on Instagram, for example, and you instantly receive a response from a professional AI sales agent. The AI sales agent asks a couple of questions, then calls to help you make the purchase — all within minutes. Many brands would love to offer this kind of seamless sales experience, but it’s simply too costly to support at scale with employees 24/7/365,” said Paul Kleen, founder and CEO of Pitchit. “Pitchit helps brands solve this challenge profitably, at scale.”
With the new funding, Pitchit plans to expand its AI capabilities, including more sophisticated text and voice recognition features, and enhance its integration ecosystem.
About Pitchit
Pitchit is revolutionizing how sales teams qualify inbound leads with the introduction of its LQaaS platform. Today, sales teams can sync leads into Pitchit from 7,000+ channels, qualify them using AI with zero manual labor, and seamlessly hand the qualified leads off to a human sales rep. Learn more at pitchit.ai and follow on LinkedIn.
Contact Information
Aaron Endre
[email protected]
(510) 701–1902
