Friday Fundings: Gong, Atomwise, and Varjo
Gong Raises $200 Million for Data-Driven Customer Insights
Gong, a revenue intelligence company, has raised $200 million in a Series D funding round. The round, led by Coatue Management, brings the company’s total valuation to $2.2 billion. Index Ventures, Thrive Capital, and Salesforce Ventures also participated.
Gong provides companies with data-based insights about how their customers make decisions. The company’s system tracks what customers say on the phone, in emails, and through other channels. By analyzing this information, Gong helps companies with churn prediction, sales forecasting, and other strategies.
Gong is making plans to expand internationally next year, and is also planning to hire an additional 100 employees before the end of 2020. The company is currently still using its $40 million Series B funding raised in February 2019 for its operations. However, $65 million from a Series C plus this latest cash infusion could be used on an acquisition or other business needs.
Atomwise Secures $123 Million for AI-Powered Drug Development
Atomwise is a company which leverages machine learning to create small molecule drugs. Through the use of AI, Atomwise builds new proteins which can reach precise target receptors. The market for this type of technology is estimated to be worth $40 billion by 2027.
Atomwise just raised $123 million in a Series B funding round led by B Capital Group and Sanabil Investments. This brings its total funding raised to almost $175 million. With the new funding, Atomwise plans to scale its technology, build its team, and go after more partnerships with large drug companies.
VR Startup Varjo Raises $54 Million
Varjo is creating virtual reality and mixed reality technology with resolution comparable to what can be seen with the human eye. The Helsinki-based startup recently secured $54 million in a Series C funding round from investors including Volvo (VOLVB:SS), Atomico, and NordicNinja.
Varjo has partnered with Boeing (BA) to create technology that will help astronauts prepare for Starliner space missions. Volvo, Audi (AUDVF), and other automakers use Varjo’s services in the process of designing cars. As the ongoing pandemic keeps many people working from home, Varjo is also working on using its technology to build remote-work tools like virtual whiteboards.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.