Toronto-based software company Forma.ai has raised $10 million in a Series A financing. Crosslink Capital led the round, with participation from Golden Ventures, Panache Ventures, Uncork Capital and Xfund. Founded in 2016, Forma.ai artificial intelligence-enabled software helps boost sales and automate incentive compensation.
TORONTO–(BUSINESS WIRE)–Forma.ai, the company transforming sales performance with science, today announced that it has raised $10 million in Series A funding led by Crosslink Capital and supported by Golden Ventures, Panache Ventures, Uncork Capital, and Xfund. With 300% year-over-year company growth and rapid enterprise adoption of its unparalleled sales performance intelligence platform, Forma.ai plans to scale its engineering teams and keep pace with mid-market and enterprise demand.
Recognizing that companies lose millions of dollars every year and suffer poor return on investment (ROI) through sales compensation plans that are disconnected from agile business strategies, Forma.ai has built a new industry standard. Its cloud-based platform is a unified intelligence system that automates manual administrative processes across every aspect of sales performance planning, implementation and measurement. Its intelligence layer is foundational to the solution and delivers limitless sales compensation plan designs, instant changes to complex plans, powerful forecasting, painless audits, and full transparency to enterprise sales teams — from sales reps to C-level leadership. Handling more than $1 billion in annual commissions, Forma.ai counts OpenTable, Stryker, IntelePeer, Ritter Communications, Edmentum, and others among its customers.
Forma.ai CEO Nabeil Alazzam explained, “We’re helping our customers easily design and administer the perfect sales performance and compensation plans. And we’re doing it with a level of end-to-end automation and augmented intelligence that hasn’t been available in the one-size-fits-all sales performance management industry. Forma.ai drives the right sales behaviors, at the right time, to the right customers, and frees sales teams from repetitive tasks and gross inefficiencies, so that they can use their talents and imagination to build new value for their companies.”
Breaking Through Stagnation to Revolutionize a $1 Trillion Sector
More than 15 million people in North America earn sales-based incomes, totaling an estimated $1 trillion every year. But inefficiencies in manual compensation processes slow mid-market and enterprise growth and hurt individual earning potential. Current industry solutions remain focused on spreadsheets and clunky software, amounting to slightly better administrative tools for performing manual tasks.
“Forma.ai is resetting what’s possible in Sales Performance Management and Incentive Compensation,” said Phil Boyer, partner at Crosslink Capital. “In a category heavily reliant on dated, disaggregated technology, they have created a unified platform that harnesses AI and automation to enable data-driven decision-making and better agility for their customers. Our partnership will help further scale their technology and team of domain experts to bring a fresh perspective to the enterprise. We are excited to be working with the Forma.ai team on their exponential growth path.”
Forma.ai’s approach is not a formula builder, nor a tool that manages only parts of the sales performance equation. Instead, its clean visualizations reflect live data and action steps across the entire sales performance lifecycle. The unified platform joins the human control and visibility required by enterprises with science-based logic to predict, model, test, and merge any sales scenario seamlessly. Collective learning from massive data sets yields extremely accurate predictive planning with sales compensation, territory and quota designs — keeping teams highly productive and in sync in real time. Tracking and changes are entirely transparent and automated to meet both internal and external enterprise audit requirements.
The platform enables organizational leaders to budget for sales compensation accurately and make critical financial decisions in minutes instead of months.
Other Differentiators Driving Sales Performance Intelligence
In addition to the augmented intelligence and automation unifying the platform, key differentiators include:
Complete flexibility in rule-building and plan design, compatible with even the most complicated compensation structures. The platform codifies incentive compensation rules into repeatable formulas, and automates exceptions, changes, error checking, and redundancy. It tracks sales rep earnings and payouts dynamically.
One visually powerful and transparent source of truth, from the total annual plan management down to transaction level details. Cross-functional reporting and all data accessible in real-time dashboards boost sales performance and financial impact.
Power to change plans at a moment’s notice. Add or remove payees, update rules, add sales contests, modify split commission rules, and implement dynamic territory and quota designs and reassignments – all without code or undue burden on technical resources. Self-contained ASC 606/IFRS audit trails remove the manual burdens on teams.
Universal integration and smooth deployment. Data feed extraction from any existing enterprise software (ERP/CRM/HRIS), output to payroll systems, and reporting and analytics tools, and seamless compatibility with all major compensation data sources are native. No code, light-touch deployment drastically limits pro services commonly needed for replacement or new SPM systems.
Awakening Human Potential and Saving Millions of Dollars
With automation and collective learning as first principles, Forma.ai’s sales performance intelligence platform ends tedious, repetitive tasks for sales and finance people. It provides flexibility, speed and accuracy, end-to-end, for all mid-market and enterprise sales performance and compensation initiatives, helping organizations earn and save millions of dollars annually.
Forma.ai uses science to transform sales performance. Its unified Sales Performance Intelligence Platform merges AI technology with human controls to boost sales team performance while automating sales compensation administration. The company handles more than $1 billion in annual managed commissions, and is trusted by innovators like OpenTable, Stryker and IntelePeer to elevate their sales performance intelligence. Forma.ai is headquartered in Toronto and is supported by Crosslink Capital with its track record of backing category-defining companies including Chime, Omniture and Pandora. For more information visit www.forma.ai.