Klue Raises $62M to Revolutionize Competitive Enablement with AI

Klue Secures $62 Million in Series B Funding

Klue, a platform leveraging artificial intelligence for competitive enablement, has successfully closed a $62 million Series B funding round. This investment was spearheaded by Tiger Global, with additional participation from Salesforce Ventures.

Based in Vancouver, the company’s core function is to synthesize competitive intelligence. It delivers actionable insights to users, ultimately aiming to boost revenue generation and overall business performance.

Data Aggregation and Integration

The platform functions by automatically collecting competitive data. This data is sourced from both publicly available information, like news articles, and private sources, such as changes to competitor websites.

Furthermore, Klue integrates with internal team platforms including Slack, Highspot, and Salesforce. This allows for the consolidation of data from internal teams, enhancing the breadth of competitive intelligence.

Strategic Investment and Future Development

According to Jason Smith, CEO and co-founder of Klue, the newly acquired funding will be primarily allocated towards substantial investment in product development.

A key focus will be enhancing the platform’s AI capabilities. This will streamline the process of insight generation and facilitate expansion into new markets, broadening the user base.

Klue also intends to refine the user experience, creating a more seamless connection between revenue teams and the competitive insights they require.

Growth and Previous Funding

This Series B round follows a previously announced $15 million Series A funding secured in September 2020. That round was led by Craft Ventures, with contributions from HWVP and existing investors like OMERS Ventures and BDC Ventures.

Since the Series A funding, Klue has experienced a threefold increase in its customer base.

Currently, the platform serves approximately 400 enterprise clients and supports over 110,000 users since its inception in 2017.

Vision for the Future

Smith articulated Klue’s vision: to provide every business department with a personalized and continuously updated understanding of their competitive landscape.

This system will be a hybrid of machine learning and human analysis, automatically gathering intelligence from various sources and transforming it into organized, actionable insights.

Planned Enhancements and Expansion

Klue aims to alleviate the challenges associated with intelligence gathering and automate the insights process.

Deeper integrations with enterprise tools such as Slack, Salesforce, Gong, Highspot, and Gainsights are planned. The company also intends to introduce collaborative and security features for multi-user access.

Future development includes a lighter, self-service product designed for smaller companies. Expansion into the B2C sector, including retail and CPG, is also being considered, focusing on competitive pricing and positioning.

“We envision Klue becoming the standard operating system for businesses seeking comprehensive knowledge of their competitors’ actions,” Smith concluded.