When you were trying to remember what you did for work during the first week of the new year, Electric AI had moved to a new office and appointed a new COO and VP of Sales. And now, just a few weeks later, they’re announcing a $25 million Series B funding round.
Led by GGV Capital with participation from existing investor Bessemer Venture Partners, this financing brings the company’s total funding amount to $38 million. The company plans to use the money to hone its product and expand its team — two initiatives they’ve been focused on since launching in 2016 with just four team members. Three years later, that number has exploded to 101.
“Once we figured out our formula for building our product, we decided it was time to raise more money and scale the business, said Founder and CEO Ryan Denehy. “Looking ahead, we’re trying to find that balance between enhancing the product and growing the team so we can expand nationally.”Read Complete Article