Enterprise Weekly #488: AI's $5.3T Impact on Software, Masterclass on Growth, and More
Work-Bench is an enterprise software VC firm leading Seed rounds. If you are or know anyone thinking about founding an enterprise software startup — we’d love to meet! Please reach out to chat. 📩
Happy Friday!
This week, Accel released their annual report on the cloud ecosystem and the results emphasized the value AI is delivering in both the public and private markets for enterprise software, despite the pressure of shrinking budgets.
In the public market – The NASDAQ surged 38% in the last 12 months, reaching all-time highs. Of the $8.4T of value created in the past year, $5.3T comes from six tech titans ahead in the AI race thanks to tens of billions of dollars of investment in their own AI strategies and tools: Apple, Microsoft, Google, Meta, Amazon and Nvidia.
In the private market – Funding for AI and cloud companies is rebounding after three consecutive years of decline. Now, it's projected to reach $79.2B by the end of 2024 with 40.3% of that gobbled up by generative AI startups, which is 65.5% growth in the sector since 2020.
The AI transformation underway in enterprise software is exciting and serves as a reminder that AI itself isn't the product, but an enabling technology to solve real business problems. From compliance and information governance to customer support and cybersecurity, there are legacy workflows that are ripe for a facelift. If you're passionate about the AI-powered enterprise, reach out!
Lastly, if you’re a founder in the early days of scaling or a marketing leader, join our next Enterprise Masterclass! Robin Izsak-Tseng, growth marketing leader previously at G2 and BetterCloud, will dive into 5 battle-tested (and inexpensive) campaigns to build a sustainable and predictable top-of-funnel engine so that your pipeline never dries up.
🗓️ Join more Work-Bench events:
October 23rd: Exited Founders Dinner co-hosted with Zac Smith to bring together like minded builders to meet and discuss what’s next
October 29th: Enterprise Masterclass: Creating a Predictable Top-of-Funnel Engine for Growth featuring Robin Izsak-Tseng, growth marketing leader from BetterCloud and G2
October 30th: NY Enterprise Tech Meetup: How Ramp & Figma Built World-Class Products featuring Geoff Charles, VP Product at Ramp & Mihika Kapoor, Product Lead at Figma
November 6th: Enterprise Masterclass: How to Structure a Post-Sales Process featuring our trusted Sales Advisor Kiran Narsu
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📚 Read more (th)reads:
Company: Socure
Role: VP of Sales
Technology: Identity Verification
Funding: $744M from Work-Bench, Capital One Ventures, Sorenson Capital, Accel, Scale Venture Partners, Commerce Ventures, Flint Capital
🌟 Company of the Week 🌟
Strella raises $4M led by Decibel
Sales / Marketing • Seed • New York, NY
Co-Founders: Lydia Hylton (CEO), Priya Krishnan (COO)
BackOps.ai raises $2M led by Gradient
Future of Work • Pre-Seed • San Francisco, CA
FullyRamped raises $2.3M led by BoxGroup, MaC Venture Capital, and NOMO Ventures
Sales / Marketing • Pre-Seed • San Francisco, CA
Keep raises $2.7M led by Runa Capital
Infrastructure / Dev Tools • Pre-Seed • Tel Aviv, Israel
Edgee raises $2.9M led by Serena and VentureFriends
Infrastructure / Dev Tools • Pre-Seed • Paris, France
Neuphonic raises $3.9M led by Moonfire VC
Data / AI / Machine Learning • Pre-Seed • London, UK
Deck raises $4.5M led by Golden Ventures and Better Tomorrow Ventures
Data / AI / Machine Learning • Seed • Montreal, Canada
Concourse raises $4.7M led by a16z, YC, CRV, and Box Group
Future of Work • Seed • New York, NY
Early raises $5M led by Zeev Ventures
Infrastructure / Dev Tools • Seed • Tel Aviv, Israel
Tako raises $5.8M led by A* and Abstract Ventures
Data / AI / Machine Learning • Seed • San Francisco, CA
Clerk Chat raises $7M led by Race Capital
Sales / Marketing • Seed • San Francisco, CA
Zerve raises $7.6M led by Paladin Capital Group
Data / AI / Machine Learning • Seed • Limerick, Ireland
Cambri raises $8.7M led by Octopus Ventures
Future of Work • Venture • Helsinki, Finland
Ubeya raises $10M led by EGP
HR Tech • Series A • Tel Aviv, Israel
Agency raises $12M led by Sequoia Capital and HubSpot Ventures
Collaboration / Productivity • Seed • Boston, MA
Gladia raises $16M led by XAnge
Data / AI / Machine Learning • Series A • Paris, France
Najar raises $16.3M led by 13books Capital, Portage, and Tomcat
Future of Work • Series A • Paris, France
DeNexus raises $17.5M led by Punja Global Ventures
Risk / Security • Series A • Boston, MA
Omnea raises $20M led by Accel
Future of Work • Series A • London, UK
SynthBee raises $20M led by Crosspoint Capital Partners
Data / AI / Machine Learning • Seed • Fort Lauderdale, FL
Capacity raises $26M led by TVC Capital and Toloka.vc
Future of Work • Series D • St. Louis, MO
Monogoto raises $27M led by Toyota Ventures
Infrastructure / Dev Tools • Series A • Palo Alto, CA
Stoïk raises $27M led by Alven
Risk / Security • Series B • Paris, France
Numeric raises $28M led by Menlo Ventures
Future of Work • Series A • San Francisco, CA
Everstage raises $30M led by Eight Roads Ventures
Sales / Marketing • Series B • New York, NY
Port raises $35M led by Accel
Infrastructure / Dev Tools • Series B • Tel Aviv, Israel
Neuron7 raises $44M led by Smith Point Capital
Future of Work • Series B • San Jose, CA
Galileo raises $45M led by Scale Venture Partners
Data / AI / Machine Learning • Series B • San Francisco, CA
Decagon raises $65M led by Bain Capital Ventures
Future of Work • Series B • San Francisco, CA
Amplitude acquires Command AI for $20 million
Future of Work • Acquisition • San Francisco, CA
Cyera acquires Trail Security for $162M
Risk / Security • Acquisition • Tel Aviv, Israel
Permira acquires Squarespace for $7.2B
Collaboration / Productivity • Acquisition • New York, NY
Dialpad acquires Surfboard for an Undisclosed Amount
Collaboration / Productivity • Acquisition • London, UK
Sonar acquires Structure101 for an Undisclosed Amount
Infrastructure / Dev Tools • Acquisition • Dunmore East, Ireland
ADP acquires WorkForce Software for an Undisclosed Amount
HR Tech • Acquisition • Livonia, MI