Indy Software Company Secures $2M in Funding
Indianapolis-based software company Canopy has received $2 million in seed funding. The company, which has developed an artificial intelligence and machine learning platform for sales teams, says it will use the funding to scale product development and grow its sales and marketing teams.
The funding round was led by High Alpha Capital and Elevate Ventures in Indianapolis, with participation from IU Ventures and Service Provider Capital.
“Canopy is purpose-built to surface critical information on each deal, providing insights that enable revenue teams to hit their targets. Pat and his team know that accurate forecasting and data-driven coaching have a direct impact on the performance of revenue teams in any industry. Sales leaders are asking for this information and Canopy is ready to deliver,” said Mike Fitzgerald, partner at High Alpha.
Canopy says its Signals feature uses AI and machine learning to uncover actionable insights regarding forecasting, coaching and analytics. With the insights, the platform can identify and alert sales and revenue leaders to risks and opportunities that may impact their pipeline.
Canopy is led by co-founder and chief executive officer Pat Rodgers, who started the company alongside High Alpha’s venture studio in 2019.
“Sales Managers are grossly underserved by technology, and yet they have enormous influence over whether or not revenue teams hit their target. With active monitoring, Canopy eliminates the time wasted trying to connect and analyze data and provides teams with the real-time information they need to be proactive. We built Canopy to be a revenue leader’s eyes and ears,” said Rodgers.
Canopy says it has built integrations with Salesforce, HubSpot’s Sales Hub and Slack to provide sales managers with a well-rounded view of their sales teams’ pipelines.