High Alpha Capital, Elevate Ventures lead investment in software to support sales managers
INDIANAPOLIS (June 10, 2020) Canopy, a revenue intelligence software-as-a-service (SaaS) platform, today announces $2 million in seed funding. The round was led by High Alpha Capital and Elevate Ventures, with participation from IU Ventures and Service Provider Capital.
Canopy is led by CEO and Co-Founder Pat Rodgers, a veteran sales executive and leader who started Canopy alongside High Alpha’s venture studio in 2019. He most recently served as VP of Sales at LearnCore, which was acquired by Showpad.
“Sales Managers are grossly underserved by technology, and yet they have enormous influence over whether or not revenue teams hit their target,” said Rodgers. “With active monitoring, Canopy eliminates the time wasted trying to connect and analyze data and provides teams with the real-time information they need to be proactive. We built Canopy to be a revenue leader's eyes and ears.”
Sales managers use Canopy to connect the disparate data that lives in their tech stack. Canopy’s Signals feature uses artificial intelligence and machine learning to uncover actionable insights around forecasting, coaching and analytics. With these insights, the platform can identify and alert sales and revenue leaders to risks and opportunities that may impact their pipeline. Canopy has already built integrations with Salesforce, HubSpot’s Sales Hub and Slack to provide sales managers with a 360-degree view of their sales teams’ pipelines.
“Too many sales analytics tools today require you to sift through data and come to your own conclusions. You're forced to live in the past, often relying on lagging indicators to make business decisions,” said Sean Marshall, VP of Global Sales at Klaviyo. “Our business moves incredibly fast, so we needed something that could provide more context around what's happening across each of our teams and segments. Canopy's real-time alerts and insights-driven analytics platform have given us the data we need to make confident decisions on the fly. We feel more empowered, more informed and generally just more connected to what's happening across our entire sales funnel.”
Canopy will use the funding to scale product development, build additional integrations and grow its sales and marketing teams.
“Canopy is purpose-built to surface critical information on each deal, providing insights that enable revenue teams to hit their targets,” said Mike Fitzgerald, Partner at High Alpha. “Pat and his team know that accurate forecasting and data-driven coaching have a direct impact on the performance of revenue teams in any industry. Sales leaders are asking for this information and Canopy is ready to deliver.”
Canopy, formerly named Loupe, launched from High Alpha Studio in October 2019. For more information, visit canopy.io, or follow them on Twitter.
About Canopy
Canopy is a revenue intelligence platform that helps sales managers gain visibility into team performance, track pipeline activity and drive revenue. Canopy’s artificial intelligence and machine learning identifies patterns and trends in a company’s sales activity to maximize revenue generation. Learn more at canopy.io.
About Elevate Ventures
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-growth businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long term. To learn more about Elevate Ventures, visit elevateventures.com.
About High Alpha
High Alpha, based in Indianapolis, Indiana, is a leading venture studio focused on conceiving, launching and scaling next-generation enterprise cloud companies. For more information: highalpha.com or on Twitter at @highalpha.
