Logik.io, a 3-year-old firm with deep roots in configure-price-quote technology, is focusing on the next level for CPQ with a new $25 million round of venture capital.
“We are using this investment in our company to boldly push the boundaries of what CPQ can and should be,” says CEO Chris Shutts, who co-founded Logik.io in 2021 with Godard Abel, the company’s chairman. (Abel is also the CEO of G2.com Inc., a research and reviews resource for business software ranging from ecommerce and marketing platforms to accounting and enterprise resource planning systems.)
Shutts and Abel share a history of CPQ technology development going back more than two decades, when they developed CPQ technology company BigMachines, which is now part of Oracle Corp. They also developed CPQ provider SteelBrick, now part of Salesforce Inc.
Logik.io’s technology developments
Logik.io now has raised a total of $51 million in venture capital, according to Crunchbase, and is applying it to innovation projects for its “composable, AI-enabled” omnichannel CPQ platform, including:
- Transaction Manager adds pricing and quoting capabilities with “millisecond” performance and a single-page experience to the company’s composable CPQ platform, which supports integration with different technology applications to support customized customer experiences across channels.
- Cosmo AI brings a suite of purpose-built artificial intelligence capabilities to Logik.io to enhance end-user experience, rule writing, administration, and product recommendations.
- Migrate enables CPQ customers to move data to Logik.io from other legacy systems “in minutes and with just a few clicks.”
- CAD Automation & Visualization, powered by kBridge, enables manufacturers to generate 3D product visualizations and automate CAD outputs directly from sales configurations.
- Solution Configuration allows companies to sell complex combinations of products with ‘maximum efficiency and accuracy.’
The Series B round is funded by the same investment firms that backed Logik.io’s Series A: Emergence Capital, High Alpha, Salesforce Ventures and ServiceNow Ventures, plus newcomer Permanent Capital.
How Lamons Manufacturing uses Logik.io’s CPQ technology
“This added capital will enable our company to not only continue what we started, but to accelerate the pace of innovation for CPQ and complex commerce,” Shutts says.
David Green, senior vice president of IT at Lamons Manufacturing and Service Co., a privately held gasket, seal, bolt and hose assembly manufacturer, says in a Logik.io press release that Lamons has used the vendor’s technology to revamp its CPQ process, improve the efficiency of its bill-of-materials (BOM) generation, and enhance guided selling to enable its sales team so sell “faster and better.”
He adds that Lamons’s benefits from using Logik-io include “a 75% improvement” in the manufacturer’s ability to add more SKUs to its item master database.
Santi Subotovsky, general partner of Emergence Capital, says Logik.io is on a “winning trajectory” with triple-digit revenue growth driven by “relentlessly innovating its composable, omnichannel CPQ platform [and] being the first company to bring real AI capabilities to the CPQ experience.”
Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].
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