TL;DR:
- 1up, a knowledge automation platform for sales teams, raised $2.5 million in Pre-Seed funding.
- Investors include 8-Bit Capital, RRE Ventures, Alumni Venture Partners, Italmobiliare, and Aviso Ventures, along with individual investors.
- 1up automates knowledge for sales teams, providing data-driven responses and streamlining sales processes.
- The platform combines internal and external knowledge sources, utilizing Large Language Models (LLMs) for quick and accurate answers.
- Founder George Avetisov, with experience in cybersecurity, created 1up to address the challenge of accessing accurate information in sales.
- 1up’s unique selling point is its ability to handle sensitive internal knowledge, enabling automation while ensuring accuracy.
- The target market includes sales teams in businesses of various sizes, primarily in the tech sector.
- 1up operates on a SaaS-based per-seat licensing model.
- Automation makes 1up resilient during economic downturns.
- Investors were attracted by the market opportunity and the need for high-quality sales tools.
- The company’s focus in the coming months is on deploying the platform to more users.
- Advice for companies seeking capital: Build a solution for willing buyers to gain traction with investors.
- George Avetisov’s favorite fall destination is Dani’s Pizza in Kew Gardens, Queens.
Main AI News:
In today’s fast-paced business world, knowledge is power, especially in the context of the sales journey. Organizations rely on robust sales playbooks to guide their sales teams with best practices, tactics, and strategies at every stage of the sales process. However, the advent of AI, Large Language Models (LLMs), and automation is ushering in the next generation of sales enablement. One company leading this charge is 1up, a knowledge automation platform for sales teams that harnesses the power of an enterprise-level question-answering system to provide up-to-date data-driven responses for any sales-related inquiry.
1up’s platform leverages secure LLMs, enabling sales professionals to access the information they need within seconds, eliminating the need to search for the right case study or response to a customer objection. This not only frees up valuable time for sales reps but also streamlines the onboarding and training process for new sales professionals. With 1up, organizations can confidently utilize the most effective sales techniques at the right moment, address complex sales questions, respond to objections, and even complete Request for Proposals (RFPs) with automation.
Recently, 1up successfully secured $2.5 million in Pre-Seed funding from a group of strategic investors, including 8-Bit Capital, RRE Ventures, Alumni Venture Partners, Italmobiliare, and Aviso Ventures. Additionally, individual investors such as Sam Clemens (Founder & CEO of Reprise), Natalie Diggins (Hands-On Technologist and Angel Investor), and Andrew Peterson & Nick Galbreath (Founders of Signal Sciences) joined the investment round.
AlleyWatch had the opportunity to sit down with 1up’s CEO and Founder, George Avetisov, to delve deeper into the company’s business, strategic plans, recent funding round, and more.
Revolutionizing Sales Knowledge with 1up
1up’s core offering revolves around automating knowledge for sales teams. Businesses can utilize 1up to address complex sales questions, respond to customer objections, and efficiently complete RFP questionnaires. At the heart of 1up is an enterprise-grade question-answering system designed with data privacy and accuracy as top priorities. It seamlessly integrates a company’s internal and external knowledge sources and harnesses multiple Large Language Models (LLMs) to generate precise and up-to-date answers in a matter of seconds.
The Inspiration Behind 1up
George Avetisov, the founder of 1up, previously founded HYPR, a leading cybersecurity company based in New York City. With extensive experience working closely with enterprise sales teams, George and his co-founders recognized the challenges faced by these teams in accessing accurate information promptly. Despite the availability of training content and tools, sales professionals often struggled to obtain the right information when they needed it most. 1up was born out of the desire to alleviate this pain point and empower sales teams with instant and reliable knowledge.
Setting 1up Apart
1up distinguishes itself by addressing questions that rely on sensitive internal knowledge—information that cannot be found through a simple Google search, answered by generic AI, or easily automated. For instance, questions like, “What’s a good case study of ours I can use to close a banking customer?” or “Why did we lose that Fortune 500 deal to our competitor last quarter?” historically required human intervention. 1up enables businesses to automate these queries while maintaining strict accuracy standards and implementing safeguards to prevent incorrect answers. Furthermore, users can pose multiple questions to 1up in bulk, significantly reducing the time required to complete extensive questionnaires.
Target Market and Business Model
1up primarily serves sales teams in businesses with 50 to 5,000 employees. While it has a strong presence in the tech sector, the platform is also adopted by users in the education and healthcare industries. The company operates on a Software as a Service (SaaS) model, offering per-seat licensing plans.
Weathering Economic Challenges with Automation
1up views automation as a recession-proof solution. During economic downturns, organizations seek cost-cutting measures and efficiency improvements, making automation an attractive option. 1up aligns perfectly with this mindset, providing a valuable tool for companies looking to optimize their sales processes even in challenging economic times.
Navigating the Funding Process
George Avetisov’s extensive experience in raising over $70 million in his career offered valuable insights into the evolving landscape of fundraising. He noted that investors have become more cautious and patient in the wake of economic uncertainties. Investors now focus on the operational aspects of companies and look beyond surface-level information when evaluating opportunities. This shift in investor mindset led 1up to ensure they presented a compelling and distinctive story.
Key Factors That Attracted Investors
The market opportunity, combined with the scarcity of high-quality sales tools, resonated strongly with investors. Many sales professionals are inundated with underwhelming sales technology that is cumbersome to set up and expensive. 1up offered a refreshing alternative, with investors introducing the platform to prospects who expressed immediate interest in acquiring it. In some cases, prospects were so enthused after a demo that they inquired about joining the company, providing a strong validation of 1up’s value proposition.
Upcoming Milestones
In the next six months, 1up’s focus is squarely on deploying its platform to as many satisfied users as possible. The company is committed to delivering exceptional value to its customers and continues to refine its Go-To-Market (GTM) strategy.
Advice for Companies Seeking Capital
George Avetisov’s advice for companies in New York and beyond is to identify a design partner within an organization and build a solution that meets their critical needs. Persuade them to invest in the product, and by demonstrating a handful of willing buyers, you can gain the traction needed to attract investors.
The Road Ahead for 1up
As 1up charts its course for the near term, George Avetisov’s focus remains on the company’s growth and expansion. The knowledge automation platform has the potential to revolutionize the way sales teams operate, providing them with the information they need at their fingertips, ultimately driving greater efficiency and success.
Favorite Fall Destination
George Avetisov’s favorite fall destination in and around the city is Dani’s Pizza in Kew Gardens, Queens. He recommends trying the extra sauce slice—a culinary tip that promises to be a delightful experience.
Conclusion:
1up’s recent funding success and innovative approach to knowledge automation for sales teams position the company as a frontrunner in the sales enablement space. With the backing of strategic investors and a commitment to addressing the unique challenges faced by sales professionals, 1up is poised to continue its journey toward revolutionizing sales knowledge management.
