11x.ai Secures $50M in Series B Funding to Expand AI-Powered Sales Bots

11x.ai, a startup focused on developing AI-powered sales bots, has secured around $50 million in Series B funding, led by Andreessen Horowitz. This latest investment values the company at approximately $350 million, reflecting a significant jump from its previous valuation during its Series A round earlier this year. The Series A, which was closed earlier in 2024, brought in $24 million and was led by Benchmark, with participation from notable investors like 20VC, Project A, Lux Capital, and SV Angel. At the time, the company was valued at $90 million.

Hasan Sukkar, the founder and CEO of 11x.ai, revealed that the company is nearing $10 million in annual recurring revenue (ARR). This means the new Series B valuation places the company at around 35 times its ARR—a more grounded figure compared to some of the more aggressive valuations seen recently in the AI space. For instance, Hebbia, another AI startup specializing in document search, raised a Series B at 54 times its ARR earlier this year.

While the Series B funding puts 11x.ai ahead of many of its competitors in terms of both valuation and capital raised, some investors remain cautious. The rapidly growing AI sales development market includes a number of competitors, such as Reggie.ai, AiSDR, and Artisan, as well as larger players like Salesforce, which have launched their own autonomous sales agents.

One challenge in this market is the difficulty in differentiating the various AI sales bots, as many of them offer similar features. However, 11x.ai’s recent funding round shows that many venture capitalists are still willing to place big bets on startups they believe have the potential to break away from the pack.

Currently, 11x.ai offers two AI-powered “automated digital workers.” Alice, the company’s AI sales development representative (SDR), handles tasks such as lead generation, research, and customer outreach. Recently, the company introduced Jordan, an AI phone sales agent capable of speaking over 30 languages and managing both inbound and outbound calls with prospective customers.