Boston-based artificial-intelligence-powered growth platform Proton.ai has closed $20 million in Series A funding, led by Felicis Ventures.
Proton said the funding will help it expand its AI-powered growth platform for distributors that compete in the “increasingly digital world with an AI-powered sales enablement solution created for the unique dynamics of B2B distributors.”
“We are excited to partner with a company that’s poised to transform the massive and critical distribution industry,” said Niki Pezeshki, general partner and managing director at Felicis Ventures. “There are approximately 700,000 wholesale distributors in the US, with 32,000 of them doing more than $10 million a year in sales. Digital tools are desperately needed to modernize the sales stack for these distributors, so we believe there is a tremendous market opportunity for Proton’s solution.”
Pezeshki is expected to join Proton’s board.
Also participating in the funding round were leaders in enterprise SaaS and distribution, including Battery Ventures, Abstract Ventures, MSC Direct and J Ventures.
Proton said its platform centralizes customer, product and transactional data that is “dispersed across many systems.” The platform analyzes data in real-time and produces AI-powered product recommendations that “help distributors grow their sales.”
“Proton customers average a 17x improvement to gross margin and 5%-10% bump to top line sales,” said Benj Cohen, founder and CEO of Proton.ai. “Because we’re focused on an industry that’s responsible for 28% of the U.S. GDP – or more than $6 trillion annually – we believe our technology can be a disruptive force for the B2B market.”