SaaS firm SiftHub raises $5.5 million, led by Matrix Partners India and Blume Ventures

SiftHub, an Artificial Intelligence-enabled Software-as-a-Service (SaaS), has announced raising $5.5 million in its seed funding round led by Matrix Partners India and Blume Ventures with participation from Neon Fund.

Harshil Mathur and Shashank Kumar Founders of RazorPay, Arvind Parthiban, Founder of SuperOps, Manish Jindal, former GM at Cloudflare, Andrew Johnston, Head of Sales at Superhuman, and several other angel investors also participated in this round, the firm said in a statement on April 3, 2024.

The US-headquartered firm plans to utilise the funding towards product development and scaling.

SiftHub was founded in 2018 by Manisha Raisinghani, the cofounder and former chief technology officer of SaaS startup LogiNext Solutions.

"Integrating GenAI with advanced workflow automation and collaborative capabilities, SiftHub is providing an end-to-end solution for our users. From the moment the first information request is received to the closure of each sale with satisfactory responses, SiftHub will remain a trusted partner for sales organisations," Raisinghani said.

SiftHub is an AI platform that acts as a central hub to collate and sift through all content scattered across multiple repositories and tools. The firm allows companies and its sales team to generate personalised responses using AI with zero hallucinations.

"Sellers need deep product knowledge and easy access to proprietary company information to win new customers. Unfortunately, the current sales tech stack does not support this foundational shift in the role of sales and presales teams. SiftHub is therefore poised to capture a share of the $280 billion GenAI revenue market," the firm's statement said.

The funding comes at a time when majority of the VCs have set up dedicated funds for AI and SaaS segments.

"Buyers have become smarter and engage sales later in the buying journey, with more advanced questions. As a result, the expectation from sales teams has changed - they need to know advanced product, technical, and legal information to get the win...We are excited by SiftHub's vision to use AI to manage product knowledge so that sales can focus on relationships," added Pranay Desai, Managing Director at Matrix Partners India.