Gowling WLG advised PeakSpan Capital, a US based growth stage investor focusing exclusively on B2B software businesses, on its $10m Series B investment in Cognism.
Cognism is an end-to-end sales acceleration platform, using patented AI technology to provide businesses with a blend of real-time company, people and event data to streamline prospecting and enable B2B sales teams to find and deliver new revenue.
Pioneering a scientific approach to prospecting and lead generation, the company has created its own AI engine, Revenue AI, to provide a breakthrough in how data can be structured to facilitate lead generation.
Founded in 2016 by James Isilay (CEO), an expert in algorithmic technologies, natural language processing and machine learning, alongside Stjepan Buljat (CTO), Cognism has seen rapid growth since raising initial funding in 2017, with ARR growth of over 4x in 2018.
Cognism CEO James Isilay, said: "This past year we have grown ARR by over 4x. These new funds from PeakSpan mark the beginning of an exciting expansion for Cognism, giving us the resources to expand globally. Having already won significant business remotely in Asia and North America, we will now open local offices to serve the demand.
"Having been granted our first machine learning patent in December 2018, Cognism is now building a portfolio of IP which will drive the next evolution of sales and marketing technology."
Matt Melymuka, Co-Founder and Partner at PeakSpan, added: "Sales and marketing technology has been a core focus of ours for many years, arming us with a long-term perspective on the segment and a nuanced understanding of market trends and buyer dynamics that drive strategic value. "
"With such a proliferation of tools and technologies emerging across the marketing and sales landscape over the last decade, it's no secret that go-to-market leaders today aren't asking for more software tools - they're demanding better outcomes."
"Cognism's pragmatic application of AI, which underpins the whole solution suite, is paving the way for a new category focused on turning disparate data points into coordinated insights to drive predictive and prescriptive lead generation and improve conversion across all engagements."
The London based team at Gowling WLG was led by David Brennan, partner and co-chair of the global technology sector team. Corporate lawyers Stephen Bowman and Ross Mackay advised on the investment documentation, with specialist AI, IT and Data Product support provided by Matt Harris (IT and Data Protection), Rocio de la Cruz (GDPR), Jonathan Flowers (Intellectual Property) and James Hall (Employment).
David commented: "We're absolutely delighted to have acted for PeakSpan on its investment into Cognism, being their second investment in a London based B2B software enterprise.
As a specialised investor and partner focussing on best-in-class growth-stage software businesses looking to scale, it is great to see that a second London-based business has been able to attract a sizeable investment from a leading US-based investment firm - setting a path that many of London's other emerging world class software businesses will be keen to follow. It is also another example of the growing trend in AI and data driven businesses winning investment, a trend we're proud to support with a dedicated team of lawyers specialising in artificial intelligence across a range of sectors including automotive, FinTech, big data, life sciences, InsureTech and retail.