Forma.ai Closes US$45M Series B Funding to Accelerate Revolutionary AI-Based Sales Performance Management Platform
The company leads the market in data-driven models with higher-impact incentives to drive peak performance
TORONTO, May 17, 2022 /CNW/ — Forma.ai, the sales performance management (SPM) solution that revolutionizes the design, management and optimization of sales compensation, today announced that it has increased 45 million US dollars in Series B funding. The round is led by ACME Capital, as well as Crosslink Capital, Golden Ventures, Uncork Capital, Xfund and Gaingels. With 400% revenue growth in 2021 and rapid enterprise adoption of its breakthrough SPM platform, Forma.ai plans to use the capital to expand its product development and go-to-market capabilities to to meet the growing demand in the SPM market.
Today’s business world demands an agile and responsive sales organization, but sales compensation – a $1 billion annual cost center – remains a decades-old bottleneck. Dozens of software and service providers have tried to solve this complex problem, but the many processes needed to design, administer and optimize compensation plans remain broken; overworked and overworked teams are still working with spreadsheets, tracking and manual calculations and working out formulas.
Forma.ai has billions in annual managed commissions for market leaders like OpenTable, Stryker and Autodesk. The company disrupted the current cloud spreadsheet paradigm by bringing together previously siled incentive processes into a single, high-performance, instantly scalable, and infinitely flexible environment. The company’s platform automates tasks that go well beyond the scope of traditional incentive compensation management (ICM) tools by breaking down the sales mix into its basic building blocks of functions, rules and of workflow. These building blocks are then reused by customers to automate redundant tasks consistently.
“Sales compensation management processes are broken. Companies are trapped in doing the same things they’ve always done, which stifles growth and profitability,” said Nabeil Alazzam, founder and CEO of Forma.ai. “We’re helping companies grow by bringing all the components of compensation management together in a single AI-backed platform, eliminating process constraints and existing bottlenecks. This funding will allow us to continue to rapidly scale operations and continue to lead the market with our transformational approach to sales compensation.”
Using automated workflows to unite the compensation effort across the organization, Forma.ai brings finance, HR, sales, business operations and IT together in a single collaborative environment.
Forma.ai facilitates higher impact incentives and faster execution to drive optimal sales team behavior by removing the constraints of rigid and disjointed composition processes. As a result, Forma.ai is building a world where high-value compensation resources spend time driving better sales behaviors through incentive design, not caring about formula design.
“We are excited to lead the Series B of Forma.ai as they offer an entirely new paradigm for how sales compensation is designed and executed within large enterprises,” said ACME Capital Partner Brian Yee. . “Their unified data platform dramatically reduces the manual and administrative work required to maintain compensation plans while providing real-time transparency to allow sales teams to maximize their output. As one client put it, ” Forma.ai’s technology is 3 to 5 years ahead of the industry.”
“We strongly believe that good sales compensation can be one of the most important revenue drivers for a business,” said Philippe Boyer, partner of Crosslink Capital. “What past attempts to address this problem have failed is that they have placed the administrative burden of managing sales composition on the customer. Forma.ai eliminates broken and disconnected internal processes and allows its users to focus on optimizing sales mix using live data as a force multiplier.As early-stage investors in Forma.ai, we are thrilled with the company’s progress. That’s why we enthusiastically participated in this Series B funding round to help the company double its success and move towards an ambitious vision to revolutionize the way companies deploy sales compensation.”
To learn more, visit Forma.ai.
Forma.ai is the only sales compensation platform that allows organizations to flexibly manage currently fragile and easily broken sales compensation management processes. Their unique platform enables organizations to design, execute and optimize their sales compensation strategy with a scientific approach guided by a collective data model. Forma.ai turns one of an organization’s largest cost centers into its most powerful lever for revenue growth. Founded in Toronto in 2016, the company is backed by ACME Capital, Crosslink Capital, xFund, Panache Ventures, Golden Ventures, Uncork Capital and Gaingels. Forma.ai is trusted by a growing list of innovative global companies with clients such as Autodesk, TrustPilot, OpenTable, CareerBuilder, etc.
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SOURCE Forma AI Inc.
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