GERMAN CONVERSATION INTELLIGENCE START-UP RECEIVES ONE MILLION EUROS FOR FURTHER EXPANSION
21. September 2020
After two years of bootstrapping, the Munich-based start-up bao solutions has now finalized a seed round. Due to the positive development and well-known customers such as Barmenia and Personio, a seven-figure sum was collected from well-known business angels.
Conversation Intelligence is currently the “next big thing” in the sales tech market. These are software solutions that help companies to conduct more successful conversations in a business context. This is done by systematically documenting and analyzing conversations and processing the insights gained.
bao improves sales conversations in real time, resulting in measurable success for companies. The basis are intelligent, interactive guides. Historical call data is systematically learned from, allowing successful call paths to be consistently applied. In addition, bao creates transparency about success factors in the sales process. Companies can identify “good deals” and close them more efficiently.
BAO REMAINS CALM IN THE FACE OF US COMPETITION
“We naturally more than welcome the current development on the US market and the resulting increased attention in Europe for the topic of Conversation Intelligence. There is so much potential for companies in this area,” says Dr. Patrick Strunkmann-Meister, CEO of bao solutions.
The market is ready: Only recently, for example, gong.io received 200 million US dollars in fresh capital at a valuation of around 2.2 billion US dollars – and that only 5 years after its founding.
Dr. Patrick Strunkmann-Meister sees opportunities above all: “In contrast to providers from the American market, we have a completely different approach: Instead of simply collecting large amounts of data by recording all conversations, we focus on the direct application of what we learn during the conversation – in real time. To do this, we rely on an expert knowledge-based approach that enables structured learning and thus a steep learning curve within the organization. And of course, our approach consistently takes European data protection into account – keyword DSGVO.”
RENOWNED BUSINESS ANGELS SUPPORT FURTHER EXPANSION
The bao team was able to win over renowned investors along the way. Among others, Alexander Bruehl (The SaaSgarage) is the lead investor (seed investor for Contentful, riskmethods, softgarden and Loyalty Prime, among others), Michael Kofluk (former Managing Partner BCG and Sovendus), Rainer Hoffmann and Dr. Thomas Zachau (founders h&z), Michael Ohr (startup mentor & coach UnternehmerTUM, among others), and Dr. Philipp Waeltermann (PWI Ventures).
“The market is incredibly dynamic. The CRM boom was just the beginning. Conversation Intelligence is the next step. bao solutions convinces with its team and approach all along the line,” says Alexander Bruehl.