SaaS Startup SiftHub Secures $5.5 Million in Seed Funding Round Led by Matrix Partners India and Blume Ventures

• ByStartupStory     |    April 4, 2024

SiftHub, a pioneering artificial intelligence-enabled platform designed to empower enterprise sales teams, announced today the successful closure of a $5.5 million seed funding round. Matrix Partners India and Blume Ventures spearheaded the investment, with participation from notable backers such as the Neon Fund, Razorpay founders Harshil Mathur and Shashank Kumar, SuperOps AI founder Arvind Parthiban, former Cloudflare general manager Manish Jindal, and Superhuman head of sales Andrew Johnston.

The funding injection marks a significant milestone for SiftHub, providing vital resources for further product development and the establishment of early go-to-market strategies. Speaking on the allocation of funds, Manisha Raisinghani, Founder of SiftHub, expressed her vision, stating, “The funds will primarily fuel our product development initiatives and aid in constructing robust early go-to-market strategies.”

Launched just two months ago, SiftHub has quickly garnered attention for its innovative approach in streamlining enterprise sales processes. Acting as a central hub, the platform effectively collates and sifts through disparate content scattered across various repositories and tools. Through advanced knowledge discovery and automated response creation, SiftHub facilitates accelerated deal closures for sales and pre-sales teams.

Commenting on the platform’s significance, Pranay Desai, Managing Director at Matrix Partners India, highlighted the evolving landscape of B2B sales, stating, “Buyers have become smarter and engage sales later in the buying journey, with more advanced questions. As a result, the expectation from sales teams has changed.”

SiftHub’s technology harnesses retrieval augmented generation (RAG) technology, leveraging fine-tuned open-source large language models and Azure OpenAI Service. The company boasts an impressive 80% boost in productivity, eliminating time-consuming back-and-forth interactions between sales teams and various other departments.

Reflecting on the complexity of the problem SiftHub aims to solve, Raisinghani remarked, “Over the last two decades, we’ve created this problem where for every small thing there’s a different application using a different data structure and different cloud, leading to hopelessly scattered knowledge.”

With a team of 18 members spread across offices in San Francisco, Mumbai, and Chennai, SiftHub has strategically positioned itself for further growth and expansion. The startup has already onboarded seasoned leaders, including Jitesh Nagaria from doLoop Technologies and Harsh Vakharia from InVideo, to steer its trajectory.

Raisinghani also outlined the startup’s current focus sectors, emphasizing B2B technology, healthcare, and insurance. These sectors, she noted, cater to businesses targeting mid-market companies or large enterprises in growth and scaled stages.

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