Demoleap, the only AI-powered live demo assistant and sales discovery platform empowering sales teams, today announced the completion of their $4.4 million seed round led by Bonfire Ventures and Differential Ventures with additional participation by 25madison, Ground up, and other key angel investors. Demoleap helps companies transition to an AI-guided selling process by allowing sellers to follow the sales process in real-time throughout the live demo to close more deals. Demoleap has experienced tremendous growth since its public launch in January, is powering thousands of demos a month, and increased its revenue by 500% in Q2 2022.
“Demoleap is the best companion and tool a seller can have,” said Itay Sinuani, CEO and co-founder of Demoleap. “It’s the only sales demonstration assistant for sales discovery and live demos. Our solution understands the seller’s needs during every part of the demo meeting in real-time and guides the user on what’s next in the demo. Today, companies invest in expensive, time-consuming, and ineffective demo training. With Demoleap, it’s possible to ensure exceptional sales interaction on every call.”
As the workforce has shifted to a “new normal” that includes remote-first and hybrid work models, it is no surprise that 70% of sales leaders say sales representatives are not following the proper process with prospects.
Demos haven’t changed in decades. Most sellers rely on their individual memory, skill level, and current cognitive state. According to a study by Gartner, 75% of B2B sales organizations will augment traditional sales playbooks with AI-guided selling solutions by 2025. In the same vein, Salesforce has reported that high-performing sales teams are 2.3 times more likely to use real-time and in-the-moment selling solutions than underperforming teams.
To help sales leaders embrace this shift, Demoleap offers a platform that allows sales representatives to continually apply the best practices and retain the critical training that sales leaders provide. As a real-time demo assistant, Demoleap can imitate the sales agent driving the product demo, which reduces the cognitive load for the seller to help them run better demos and drive more revenue.
“The more consistent your sales team can operate, the easier it is to improve, diagnose problems, and fix anything that’s broken,” said Will Ibsen, VP of Sales at Maxio. “Demoleap helps to drive that consistency while we scale. The more you can make your sales system into a revenue factory, the better the results.
On average, the return on investment of sales training is disappointing. According to a study by the Harvard Business Review, U.S. companies spend over $70 billion annually on sales training, an average of $1,459 per salesperson. Despite the high investment, the study indicates that sellers in traditional curriculum-based sales training forget more than 75% of the information they were taught within 6 days.
To increase retention and effectiveness, Demoleap provides sales organizations and sellers supplemental material that reinforces what they’ve already been taught and allows them to practice their skills in real-time.
“Every day, every house, every minute some poor prospect is suffering through yet another horrible product demo”, said Brett Queener, Partner at Bonfire Ventures. “Demoleap ensures in real time that every seller can confidently give an engaging and on-point demo. We believe that ‘more better’ demos is the single most effective lever for software companies to pull to improve their sales efficiency.”