A lot of important data gets lost in the sales pipeline as sales teams use multiple tools including email, Zoom and WhatsApp to talk to buyers. Nektar.ai wants to solve the problem of data leakage with its sales productivity platform, which helps SaaS revenue teams manage information across different channels by integrating with different apps and feeding key information to a highly compatible collaboration tool like Slack. Nektar.ai announced today that it is exiting stealth mode after two years and launching the platform for general availability.
Co-founder and CEO Abhijeet Vijayvargiya told Technology Flow that Nektar.ai’s capabilities are particularly relevant now that the tech recession has seen layoffs, cost cuts and budget freezes mean companies are laser-focused on productivity. Nektar.ai aims to fill the gaps and data leakage left by CRM tools with its no-code solution that captures revenue activity data from social channels such as email, calendar, chat and LinkedIn at all stages of the customer lifecycle.
There are multiple business intelligence tools like Tableau and Looker and revenue intelligence and forecasting solutions including Gong and Clari, but all of these tools rely on CRM data, Vijayvargiya said. When a sales team’s CRM misses out on key revenue data due to poor user adoption, disconnected systems and siled teams, it means their analytics are flawed.
He added that the poor user adoption of CRMs is due to two main reasons. The first is that sales teams are too busy to update their day’s work in CRM. “A B2B salesperson’s day is filled with countless follow-ups, endless meetings, research, discovery, demo, navigating the buying committee, running a competition and doing internal reviews,” says Vijayvargiya, all revenue-generating activities that are important to their quotas. A second reason is that CRMs often have outdated user interfaces, giving sales reps little incentive to update them.
Nektar.ai stops CRM data leaks by integrating sales reps’ inboxes, calendars, meetings (including Zoom and Google Meet), chat (typically Slack) and social media (LinkedIn) and buyer contacts and sales activity. Vijayvergiya says Nektar.ai’s “capture and sync” accuracy is 95% and all revenue data across the customer lifecycle is fed back into the CRM.
“Nectar CRM plugs data leakage without the user lifting a finger. We basically remove the need for consumer adoption and give all the time back to sellers to go and sell, relieving them of their administrative burden,” said Vijayvargiya. Increased visibility into the sales process of different salespeople means teams can better understand which sales tactics work best.
Technology Flow last covered Nektar.ai in August 2021, which raised a $6 million seed round led by B Capital Group, bringing its total to $8.1 million. Its other investors include 3One4 Capital, Nexus Venture Partners and Insignia Ventures. During stealth mode, Nektar.ai, which has 32 employees, worked with early customers like Lily AI, MoEngage and Observe.ai and said they saw 30% to 35% pipeline growth and 18% to 22% increase in deal velocity. , because their CRMs are integrated with significantly more buyer contacts and sales activity data.
In a statement, Lilly AI senior vice president Pete Lee said “It’s hard to know where to spend your time when you don’t know if what you’re seeing is accurate. Nectar keeps data up-to-date and provides insights into actual sales time and inbound vs. outbound activity.”