– USA, MA – Qstream, providers of a mobile enterprise application for managing the human side of sales acceleration, today announced that the company has closed an additional $4 million in venture funding from new investor Excel Venture Management, with participation from existing Qstream investors Frontline Ventures and Launchpad Venture Group. The new funds represent the second tranche of a $6.85 million Series A financing, which includes $2.85 million closed in September 2013.
The funding will be used to accelerate the company’s expansion in the estimated $2 billion predictive analytics sector, where Qstream combines the power of mobile, gamification and big data to deliver a new class of business intelligence that helps sales managers quickly and proactively align the behaviors of their sales people with growth initiatives.
As a first mover in this space, Qstream is already used by eight of the world’s top 10 pharmaceutical firms in addition to a growing number of market leaders in technology, financial services and health care, and has been continuously ranked among the top sales enablement vendors for its powerfully simple approach to transforming large sales teams.
“Qstream’s early success is impressive, and its analytics platform is a radical leap forward in ensuring the clarity, consistency and quality of client interactions and sales coaching that drive high-performance teams,” said Gaye Bok, venture partner at Excel Venture Management, who has joined Qstream’s board of directors. “Enterprises are moving quickly to leverage mobile investments and apply data to gain market advantage.”
Developed at Harvard, Qstream has been scientifically proven in dozens of clinical trials to boost performance with impact to the bottom line. Using Qstream on any mobile device, users respond to scenario-based Q&A challenges via push notifications, followed by brief explanations that strengthen skills in minutes a day. Simple game mechanics drive long-term user engagement, while the platform’s data engine sifts and analyzes response data to provide continuous real-time management updates, comparisons and trends on team capabilities, as well as targeted coaching insights that contribute to management’s ability to anticipate gaps that can compromise forecasts and revenue streams, or create other risks.
“We are pleased to add Excel Venture Management, an experienced life sciences technology investor, to our investor group,” said Duncan Lennox, Qstream CEO and Co-Founder. “Our investors collectively share our vision for a new mobile, data-driven approach to managing sales rep performance that will fundamentally change not only the way that sales reps are equipped for value-added conversations, but how sales management is conducted in 2015 and beyond.”
About Excel Venture Management
Excel Venture Management builds companies that apply transformative technologies to solve problems in healthcare and beyond. The Excel investment portfolio is balanced across healthcare IT and services, diagnostics, and medical devices, plus life science platforms that address adjacent markets including energy, chemicals, defense and agriculture. Investments include Tetraphase (TTPH), Aileron, Cleveland Heart Lab, Synthetic Genomics, and Qstream.
Qstream is used by leading brands, including eight of the top 10 life sciences companies, to manage the effectiveness of their enterprise sales teams. Developed at Harvard, Qstream’s neuroscientific approach has been validated in more than 20 clinical trials to boost performance and durably change on-the-job behaviors. Available in 12 languages, the SaaS platform is easily deployed at scale in both mobile and desktop environments.
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