Vancouver-based virtual assistant platform Penny AI raises $27 million in Series B funding

The company’s latest funding round was oversubscribed

Often, the most successful startups are those that are built to solve a personal need. Such was the case with Vancouver-based Penny AI, which was co-founded by David Abbey and Chris Noble.

Originally, Abbey was looking to help his wife manage growth in her marketing business. He and Noble eventually came up with the idea of an AI-powered virtual assistant to help companies and entrepreneurs alike, especially when it came to sales productivity.

That was in 2017. Today, the company announced $27 million in Series B funding led by U.S. growth equity firm PSG. Also participating in the round were Acronym Venture Capital and ScaleUP Ventures.

“We’re witnessing the transition from traditional channels and e-commerce to a people-powered retail revolution where the social seller and influencer now own the audience and customer relationship,” said Abbey in a release.

“Since day one, our mission has been to empower the seller with simple to use intelligent and powerful solutions that help create an incredible experience for their customers.”

Added PSG managing director Tom Reardon: “In our view, Penny AI is one of the most comprehensive and effective sales enablement platforms serving direct sales organizations and can solve critical pain points experienced at every level, from sales consultants to corporate teams.”