Kronologic, which is a sales meeting scheduling platform, announced today that it has secured a total of $20 million with additional seed funding from Signal Peak Ventures, Silverton Partners, Next Coast Ventures, and Geekdom Fund. The new funds will be utilized for its user growth and also improving the features and AI capabilities of the platform as told by its co-founder and CEO Trey Allison.
The digital sales terminology has a term called “last-mile problem” which basically refers to the inability to convert leads into appointments. Surveys show that it will take at least 18 calls to connect with a buyer and also 60% of customers tend to say no four times before agreeing to the purchase. This is where Kronologic makes its entry. The platform provides users with various meeting scheduling options. It works with Microsoft, Google, and Salesforce products and charges for successfully scheduled meetings.
Allison added that “2021 has shown no signs of slowing down — if anything there has been a surge for the need for automating virtual meetings,(…) [In one instance, Kronologic] ended up doubling the revenue of a 40 person sales team in six months.”
Kronologic will activate automatic calendar invites on behalf of salespeople. This will bring in revenue and save time according to Allison. He added “We have a heat map called ‘Meetings Most Wanted’ that prioritizes our top use cases deployed by our customers today. These are ranked by their in-market success by department, including customer expansion and success teams, new business sales and marketing teams, and channel sales teams.”
Kronologic is planning to improve its AI services by training it to analyze customers’ intention of accepting a meeting from the datasets available, tracking interactions like accepts, declines, alternate time proposed, etc. it also claims to develop a natural language system to improve conversations that are specific to scheduling meetings.
Kronologic has a customer base of over 60 companies including Hewlett Packard Enterprise, Caterpillar, Dell Technologies, and Lenovo, with more than 100 contracts signed. The total workforce of Kronologic amounts to 40 and is expected to increase those numbers by the end of this year.
Source: https://venturebeat.com/2021/08/12/sales-meeting-booking-platform-kronologic-nabs-20m/
