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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.

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