CHICAGO, May 23, 2023 – Logik.io, the company consumerizing B2B buying experiences through its intelligent guided product discovery, configuration, and recommendation engine, today announced that it raised $16 million in Series A funding. The round was led by Emergence Capital, which also backed high-growth category-leading businesses such as Zoom, Veeva, Box, and G2. Santi Subotovsky, General Partner at Emergence Capital, will join the Logik.io Board of Directors. ServiceNow Ventures also contributed to the round, and Salesforce Ventures returned as an investor in Logik.io. This news comes just months after Logik.io announced over 500% year-over-year growth.
Today, there is a gap in B2B selling between the high-touch complex sales processes most B2B businesses force buyers into, and their buyer’s demands for faster, simpler, consumer-like experiences. From manufacturers selling complex equipment with thousands of variations, to enterprise SaaS companies with complicated, nuanced deal structures, to services businesses with sophisticated multi-year recurring relationships, nearly every business struggles with making their products as simple to buy and sell as their customers expect.
With its Commerce Logic Engine technology, Logik.io’s mission is to eliminate high-touch sales by empowering all businesses to connect buyers to perfect-fit solutions faster with smarter product discovery, configuration, and recommendation experiences across all your marketing, selling, commerce, and service channels.
“Many B2B companies struggle to deliver the low-touch consumerized experiences customers demand today,” Logik.io Co-founder and CEO Christopher Shutts said. “But the businesses who are leading their industries understand that no matter how complex your products are, buyers seek out businesses who make it simple to find, configure, and augment purchases across any channel. Logik.io exists because most businesses have been held back by the limitations of their legacy selling tools which aren’t built to support selling highly-tailored solutions with many variations and complexities. We’re here to solve that.”
Most current Logik.io customers leverage Logik.io to augment CPQ, ecommerce, and online product configuration experiences. With this investment, Logik.io plans to expand on its mission to connect B2B customers with products faster by applying its commerce logic engine technology to enable smarter:
- Marketing & Lead Generation: Use Logik.io to generate qualified leads online by allowing buyers to find and configure perfect-fit solutions, and submit a request for quote.
- E-Commerce: Use Logik.io to discover, configure, price, and transact on even your most complex or high-priced offerings, without talking to sales.
- Sales: Use Logik.io to empower internal sellers, dealers, and distributors with an enhanced CPQ (Configure, Price, Quote) experience that lets them configure and quote complex products easier.
- Service: Use Logik.io for service configuration, quote estimates, attach assets, and more.
“We’re focused on doing whatever it takes to give our customers the best buying experience possible,” said Dan Krantz, CIO of Keysight Technologies. “Previously we found ourselves limited by the sales and commerce tools that were available to us. But now with Logik.io’s Commerce Logic Engine, we’re able to unblock those limitations, and provide a truly unified omni-channel experience that puts the power in the hands of the customer, helps us sell more, and do it more efficiently”
“We prioritize making it easy for our customers across all channels to discover, configure, and buy the best-fit options for their needs,” said Craig Drenthe, VP of IT at Club Car. “We’re excited about partnering with Logik.io to fulfill on this promise, and to make a meaningful impact on both our customer experience and go-to-market efficiency.”
Logik.io was founded by the pioneers of the CPQ (Configure, Price, Quote) industry, Christopher Shutts (Logik.io CEO, former founder of BigMachines) and Godard Abel (Logik.io Executive Chairman & CEO of G2, also founder of BigMachines), to transform the B2B selling model from one that is complex, convoluted, and expensive, to one that is consumerized, low-touch, and efficient.
“At Emergence, we only invest in people and companies who change the way the world works,” said Santi Subotovsky, General Partner at Emergence Capital. “Logik.io is one of those businesses, and has already made massive transformations in the way B2B sales works. We cannot be more excited to partner with them on this next phase of growth.”
“Logik.io is a key solution in the enterprise tech ecosystem helping bring seamless, consumer-grade experiences to the enterprise buying and service process,” said Vishal Gupta, VP of Corporate Business Development at ServiceNow. “We look forward to supporting the company’s growth as they continue to develop innovative solutions that simplify and speed up the buying and selling process to meet customers’ needs.”
Logik.io, recognized as the Most Promising Start-Up by The Cloud Awards 2023, and recognized as Tech Startup of the Year by the American Business Awards, launched its Commerce Logic Engine in 2021. More than half of Logik.io’s customers are publicly traded and have an average market capitalization of more than $25 billion. Brands like Keysight Technologies, CORT, Fike, Club Car, Lamons, and Palo Alto Networks are using Logik.io to power eCommerce or omni-channel product configuration and guided selling.
Logik.io’s Commerce Logic Engine uses intelligent-guided product discovery, configuration, and recommendation capabilities to eliminate high-touch selling processes by connecting customers to perfect-fit products faster. Logik.io’s mission is to make selling simpler and buying better for every business across marketing, selling, commerce, and service channels by filling critical enterprise technology gaps in systems such as CPQ, ERP, and Commerce. For businesses selling manufacturing, software, technology, and services products, Logik.io helps every business grow smarter by creating revenue-maximizing sales experiences, and minimizing cost of sale.
Logik.io is backed by Emergence Capital, Salesforce Ventures, ServiceNow Ventures, and High Alpha.
For more information please visit www.logik.io.