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Classified in: Science and technology, Business
Subject: VEN

Logik.io Announces Seed Funding Led by High Alpha to Build the Next Generation Enterprise Configuration Engine


CHICAGO, Nov. 18, 2021 /PRNewswire/ -- Logik.io, a next generation software company, focused on creating high performance headless configuration technology, announced today that it has raised $10M in seed funding led by High Alpha with participation from Salesforce Ventures and other private investors.

As businesses build on the success they see with Salesforce CPQ in streamlining their Quote to Cash process, they are looking for ways to open up eCommerce selling channels and share accurate information with their ERP and supply chain applications. Logik.io makes this possible by overlaying a configurator on top of Salesforce CPQ, available on the Salesforce AppExchange.

The Logik.io configuration solution extends Salesforce CPQ by providing complex logic, math calculations, dynamic bills of material, split second performance, and scale all while utilizing the Salesforce data model. Logik.io is also designed to work with existing eCommerce solutions to provide guided selling and configuration to B2B and B2C self-service selling.

Logik.io's funding marks a significant moment for the CPQ category, as the company's founding team carries over 100 years of combined experience in the industry, led by CEO Christopher Shutts and Executive Chairman Godard Abel. Previously the two co-founded BigMachines, a company that defined the CPQ space, and was acquired by Oracle in 2013. Godard also went on to build another CPQ pioneer, Steelbrick, which he successfully sold to Salesforce in 2016 for $360M. In addition to his chairman role at Logik.io, Godard is currently also the CEO and Executive Chairman of G2 and Executive Chairman of ThreeKit

"We are building a truly innovative technology for companies looking to improve their CPQ experience and enable B2B e-commerce," said Shutts. "We know both buyers and sellers demand speed and convenience throughout the sales process, and Logik.io delivers on that promise with lightning fast selection and configuration tools."

"From our experience building and operating BigMachines and Steelbrick, this team has a great  understanding of how configuration technology was built, where it's strong, and where the next evolution is going," said Abel. "We're already seeing significant demand in the market, and this investment will fuel the team to deliver on what the market needs quickly."

With this market expertise, Logik.io aims to create a "lightning fast" headless configuration technology that delivers solutions for:

"Chris, Godard, and team have built multiple companies that have transformed this market. We couldn't be more excited to partner with them on what we see as yet another game-changing product, and one of their most promising ventures yet," said Scott Dorsey, Managing Partner at High Alpha.

"We're extremely excited to see Logik innovate with Salesforce Revenue Cloud," said Pascal Yammine, SVP & GM, Salesforce Revenue Cloud. "We're confident that with this round of funding from Salesforce Ventures, Logik.io will continue to propel digital transformation in the CPQ space." 

This investment will be used to fuel Logik.io's product development strategy as well as support the growth of Logik's go-to-market engine into 2022. 

About Logik.io
Logik.io provides high performance headless configuration technology that alleviates the operational limitations of traditional configurators, streamlines complex selling processes, and enables omni-channel e-commerce sales for enterprise businesses. Purpose-built to complement and enhance Salesforce CPQ and E-commerce platforms, Logik.io delivers a headless solution with premium speed and performance, a proprietary solving engine, and a simple and intuitive admin experience.

Logik.io is founded by a proven team with over 100 collective years of experience in the CPQ space, and is backed by High Alpha and Salesforce Ventures. Learn more at logik.io

About High Alpha
High Alpha is a leading venture studio that conceives, launches and scales next-generation B2B SaaS companies. Founded in 2015 by tech veterans Scott Dorsey, Eric Tobias, Mike Fitzgerald and Kristian Andersen, the Indianapolis-based firm pioneered the venture studio model. To date, High Alpha has raised $260M across three funds and has launched and invested in more than 60 cloud startups, including Attentive, SalesLoft, Zylo, Terminus, The Mom Project, Rheaply, LogicGate, MetaCX, Mandolin, G2, Narvar, project44 and more. For more information, visit highalpha.com or follow on Twitter @highalpha.

About Salesforce Ventures
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world's largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory, and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 400 companies, including DocuSign, GoCardless, Guild Education, nCino, Twilio, Zoom, and others across 22 countries since 2009. For more information, please visit www.salesforce.com/ventures.

Media Contact:
Avery Nunez
avery@blastmedia.com

SOURCE Logik.io


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News published on 18 november 2021 at 08:00 and distributed by: