"11x.ai Secures $50 Million in Series B Funding Led by Andreessen Horowitz - Valued at $350 Million"
In a groundbreaking move, 11x.ai, a startup specializing in AI-powered sales development bots, has successfully raised approximately $50 million in Series B funding, with Andreessen Horowitz leading the round. This development values the company at an impressive $350 million, according to sources familiar with the matter.
This latest funding round comes on the heels of a previous $24 million Series A investment led by Benchmark, along with contributions from investors such as 20VC, Project A, Lux Capital, and SV Angel. Despite the recent announcement of the Series A round, it was actually finalized earlier in 2024, with the company being valued at $90 million at that time.
11x.ai's founder and CEO, Hasan Sukkar, revealed to TechCrunch that the company is on track to achieve $10 million in annual recurring revenue. This suggests that investors have valued the startup at approximately 35 times its ARR, a reasonable multiple compared to other AI-powered companies with similar revenue streams.
While 11x.ai's Series B funding places it ahead of competitors in terms of valuation and total capital, it remains to be seen if the company has truly established a significant lead in the market. With numerous startups like Reggie.ai, AiSDR, and Artisan also working on AI sales development representatives, along with established players like Salesforce offering autonomous sales agent solutions, the competition is fierce.
Despite some skepticism from investors about backing AI SDR startups due to the difficulty of distinguishing between offerings, 11x.ai's successful Series B funding demonstrates that there is confidence in the company's potential. With two AI bots currently in its arsenal, including the recently introduced Jordan, 11x.ai is poised to expand its suite of digital employees beyond sales representatives, potentially branching out into talent acquisition and human resources.
In conclusion, 11x.ai's recent funding success and strategic positioning in the AI sales development market indicate a promising future for the company. Investors and industry observers should keep a close eye on 11x.ai as it continues to innovate and expand its offerings in the rapidly evolving AI landscape.