Logik.io will use new Series B funding to further innovate its composable, AI-enabled CPQ platform and accelerate the company’s impressive growth.
DEERFIELD, Ill., Oct. 8, 2024 /PRNewswire/ — Logik.io, the company reimagining CPQ and consumerizing enterprise selling experiences, today announced the company has raised $25 million in Series B funding to accelerate CPQ innovation and further expand company growth.
Logik.io’s Series B renews and deepens the commitment from the company’s Series A investors: Emergence Capital, High Alpha, ServiceNow Ventures, Salesforce Ventures, and GoBig all returned to invest in Logik.io’s vision, platform, and continued growth. Additionally, Permanent Capital joined as a new investor in Logik.io.
“Over the last two years, Logik.io has proven time and again that this is a company that can successfully disrupt and transform the CPQ category. From achieving triple-digit revenue growth year-over-year, to relentlessly innovating its composable, omnichannel CPQ platform, to being the first company to bring real AI capabilities to the CPQ experience, Logik.io is on a winning trajectory. Our increased investment in Logik.io will enable the company to continue to expand results and accelerate the pace of innovation in an industry badly in need of change.”
Santi Subotovsky
General Partner
Emergence Capital
Logik.io’s $25 million Series B funding and return of all the company’s original investors is a recognition that Logik.io’s approach to CPQ innovation is aligned with what the market needs. In recent months, Logik.io has announced several key releases and platform enhancements that depict an ongoing commitment to innovation, including:
- Transaction Manager, which adds pricing and quoting capabilities with millisecond performance and a single-page experience to the company’s composable CPQ platform.
- Cosmo AI, which brings a suite of purpose-built artificial intelligence capabilities to Logik.io to enhance end-user experience, rule writing, administration, product recommendations, and more.
- Migrate, which enables CPQ customers to easily move data to Logik.io from other legacy systems in minutes and with just a few clicks.
- CAD Automation & Visualization, powered by kBridge, which enables manufacturers to generate 3D product visualizations and automate CAD outputs directly from sales configurations.
- Solution Configuration, which allows companies to sell complex combinations of products with maximum efficiency and accuracy.
“The business still had our Series A capital on the books, but given the tremendous investor demand and new projects we wanted to invest in more heavily, we decided to do a Series B. This added capital will enable our company to not only continue what we started, but to accelerate the pace of innovation for CPQ and complex commerce. With continual enhancements to our platform and capabilities, a growing number of customers across industries and geographies, our enviably high NPS scores, new strategic partnerships, and expansion of our global teams — all combined with our ambitious growth plans — we are using this investment in our company to boldly push the boundaries of what CPQ can and should be.”
Christopher Shutts
Co-Founder & CEO
Logik.io
Logik.io’s Series B funding comes at a time when the company has been accelerating growth through global expansion, strategic partnerships, and new customer wins, with logos including Lamons, Oldcastle, Keysight Technologies, CORT, and more. Recent Logik.io growth highlights include:
- The opening of a new office in Bengaluru, India, expanding Logik.io’s engineering talent pool and furthering the company’s global presence beyond North America and EMEA.
- New partnerships and integrations with exceptional technology companies including ServiceNow, BigCommerce, Adobe, and Shopify.
- Expansion of new logos and go-lives, with a growing list of customers across industries including manufacturing, high technology, health and medical, complex consumer products, and more.
“The manufacturing industry has been undergoing a major transformation, and at Lamons, we knew we needed more powerful selling solutions to evolve our company and provide a best-in-class experience for our customers. With Logik.io, we have revamped our CPQ process, with the advanced logic engine that is far superior to any previous configurator we had seen, BOM generation capabilities that dramatically increase our efficiency, and guided selling that is enabling our teams to sell faster and better. Since implementing Logik.io, we have seen many benefits, including a 75% improvement in SKU proliferation across our item master. For Lamons, Logik.io has been a tremendous partner in our sales transformation journey.”
David Green
SVP, IT
Lamons
With this funding round, Logik.io’s Board of Directors remains unchanged. Santi Subotovsky, General Partner at Emergence Capital; Scott Dorsey Managing Partner at High Alpha; and Godard Abel, CEO of G2, all retain Logik.io Board seats alongside Logik.io co-founder and CEO, Christopher Shutts.
About Logik.io
Logik.io simplifies complex omnichannel transaction processes with the industry’s first and only composable AI-powered CPQ solution. Logik.io combines a unified advanced product configuration, discovery, and recommendation engine with a centralized transaction management hub to provide high-performance customer-centric experiences that sellers, admins, and customers need and expect. Founded in 2021 by the visionaries who created the configure-price-quote category and backed by Emergence Capital, Salesforce Ventures, ServiceNow Ventures, and High Alpha, Logik.io is the company redefining how companies maximize revenue through CPQ and digital commerce. For more information, please visit www.logik.io.
Contact:
Blake Grubbs
blake@logik.io
+1-603-479-6519
SOURCE Logik.io