Squamish-born, and now Vancouver-headquartered, Penny AI has secured a $27 million Series B round led by PSG, with participation from Acronym Venture Capital and ScaleUP Ventures.
Penny AI serves as a virtual assistant to sales consultants by providing contact management, prospecting and communication solutions on a single platform to help increase sales productivity. Penny AI supports hundreds of thousands of sellers in over 60 countries and 25 languages.
The new funds will be used to accelerate Penny AI’s expansion into areas that are underserved by existing sales enablement technologies, yet are critical for sellers’ business growth and quality of life.
“We’re witnessing the transition from traditional channels and e-commerce to a people powered retail revolution where the social seller and influencer now own the audience and customer relationship. Since day one, our mission has been to empower the seller with simple to use, intelligent and powerful solutions that help create an incredible experience for their customers,” said David Abbey, CEO and Co-Founder of Penny AI.
“Back in 2017, we started something special in Squamish when we uncovered an incredible opportunity to introduce AI to an otherwise underserved market. 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,” said Chris Noble, CTO & Co-Founder of Penny AI.
Chris continued, “While building the team, we were passionate about making Penny a truly Diverse and Inclusive tech company. I am so proud that we’ve created a team with one of the highest percentages of women engineers in all of Canada at 54% (when the industry average is below 30%).”
“Now, working across 17 cities in Canada, the States and Europe, we’re united in improving our users’ lives with the power of AI and I can’t wait to welcome new talent to our incredible team.”
Over the last year, Penny AI has quadrupled the team with strategic hires to lead the expansion and adding PhD talent to lead Learning Design and spearhead the onboarding and continuous learning product line. Penny AI is hiring in Vancouver.
Leave a Reply