11x.ai, a startup specializing in AI-powered sales development bots, has raised approximately $50 million in a Series B funding round led by Andreessen Horowitz, according to multiple sources. This latest funding round values the company at around $350 million, a significant leap from its previous valuation.
The Series B follows 11x.ai’s Series A round earlier this year, where the company secured $24 million led by Benchmark and supported by other investors such as 20VC, Project A, Lux Capital, and SV Angel. At the time of its Series A, the company’s valuation stood at $90 million.
Hasan Sukkar, founder and CEO of 11x.ai, revealed that the company is approaching $10 million in annual recurring revenue (ARR), which suggests investors valued the startup at approximately 35 times its ARR. This multiple is more conservative compared to other AI startups; for instance, Hebbia recently raised a Series B at 54 times its ARR.
While the Series B places 11x.ai ahead of competitors in terms of valuation and capital raised, industry experts remain cautious about declaring a significant lead over rivals. The landscape is crowded, with other startups like Reggie.ai, AiSDR, and Artisan also developing AI sales development representatives. Established players like Salesforce have also launched similar autonomous sales solutions.
Despite concerns regarding market saturation among AI SDR startups, the success of 11x.ai’s Series B indicates that venture capitalists are still willing to invest in promising players in this space.
The company currently offers two AI bots: Alice, designed for sales lead generation and outreach, and Jordan, a multilingual AI phone sales representative capable of handling both inbound and outbound conversations.
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