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Copenhagen-based Ocean.io, a Martek startup that takes advantage of AI to help enterprises find the right business goals, announced today that it has raised $ 7 million from Peak Investments and existing investors. The company plans to use the capital to build strong thinking leadership and expand its presence in existing and new markets.
Today, almost all organizations – 92% of Salesforce estimates – want to sell products / services to other enterprises and take advantage of Account-Based Marketing (ABM) to grow their business. This technique revolves around marketing and sales teams that come together to target the best-fit accounts and turn them into customers. The problem, however, is that most of these efforts are based on human-led and inefficient processes, which can lead to the identification of irrelevant prospects and businesses fail to take advantage of their ABM strategy.
Ocean.io’s AI-powered offer
To address this challenge, Michael Heiberg launched Ocean.io in 2017. The company makes ABM smarter and more accurate by leveraging artificial intelligence and data collected from over 300 million web pages, company registries and public databases.
“Ocean.io’s machine learning algorithm uses the customer’s actual business performance data from their CRM to identify ideal customer profiles, and then searches for matching companies (in terms of work) in an ocean database,” Heiberg told VentureBeat. “The company builds this database using machine learning and natural language processing. It crawls millions of web pages and synthesizes that data into a single, common dataset across the market. “
An enterprise only needs to integrate Ocean.io’s solution with its CRM. Once that is done, they can start using the platform to get a complete list of ideal companies around the world – the ones that customers are most likely to buy – and the people who work there.
To find the right group of people, Ocean.io says marketers need to create a target personality by defining the seniority and division of the person they want to connect with. That way, when the search is conducted, the platform will provide complete contact information – number, email, LinkedIn profile – the most suitable person who can actually convert the potential in question into a sale. CRM integration will also allow users to export their target accounts and contacts to create highly tailored marketing campaigns.
Ocean.io claims that its offer has been adopted by hundreds of ventures in 30+ countries, including major players such as Sony, UserTesting, BrandWatch and JGL. Companies have also reported significant benefits from Ocean.io, with a 22% reduction in cost-per-MQL (Marketing Qualified Lead), a time savings of up to 34% and a 900% increase in prospects.
In addition, demo booking rates have doubled, with customer wins increasing by 25%, Haberg said.
While Ocean.io’s solution can help an enterprise grow sales and business, it is not the only one working in this segment. Over the past few years, multiple players have matured into AI-powered sales acceleration space, including startups such as Zoominfo and Clearbit, Cognism and Apollo.io.
However, Heiberg claims that Ocean.io is the only data platform that reports which accounts are your best performers and then automatically finds all the matching accounts in the global market.
“Our competition makes you start with a blank sheet and then return whatever you want. Ocean.io also uses machine learning and natural language processing to identify similar companies instead of the usual industry code. The result is a rapidly more accurate industry classification for zero-waste sales and marketing target listings. Our competition relies on traditional industry codes to determine what the company actually does is too broad to be useful in an age of ever-increasing expectations for account-based marketing and personalization, “the CEO said.
With the new set of funds, Ocean.io will scale its go-to-market model and focus on expanding its footprint in Europe and the US. The company has seen its revenue increase sevenfold in 2021 and expects similar results this year. The current revenue run rate is $ 6 million.
“Our investors have seen the traction we are getting, with the number of clients doubling every two months. Every current investor was involved in the latest funding round, showing confidence in our capabilities and impact. This investment will help us grow faster and allow our customers to grow faster in their markets, “Heiberg added.
According to markets and market estimates, the global sales intelligence market is expected to grow by 11.4% to $ 3.4 billion by 2024.
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