Node, a platform that uses artificial intelligence technology to find sales leads, has recently announced raising over $16 million. Avalon Ventures led financing with participation from NEA, Canaan Partners, and Mark Cuban.
Cuban said he invested in Node because “it is an incredible company that is changing the game for sales intelligence.” He says that with Node, “Selling is no longer hunting and gathering. They make it a knowledge approach.”
Avalon Ventures exists as an early stage venture capital fund working with companies in life sciences and information technology. Avalon’s focus has primarily been seed and early companies, which the firm believes stand as the most rewarding and challenging periods during a company’s creation. In addition to Node, some of Avalon’s other investments have been to Talla, Arista MD, and NanoNets.
Canaan Partners is a private equity venture capital firm that specializes in buyout investments in various stages of development, seed financing, startups, and early stage investments. Its focus area relates to e-commerce, digital health, biopharma, medtech, marketplaces, and fintech. Canaan has previously invested in PerimeterX, Unchained Labs, Glooko, and others.
NEA is one of the industry leaders in secure exchanges of health information for dental practices. This company has been involved in a handful of other investments with ZeroFox, Segment, and Juvo.
Mark Cuban is a well-known businessman who is the owner of the Dallas Mavericks. He is also chairman and CEO of AXS and can be seen on the show Shark Tank. He has also invested in many businesses and acts as a board member or advisor for many of them. Some of his past investments include Apptopia, FiscalNote, Catalant, and Comfy-life.
Falon Fatemi, founder and CEO of Node, says her work experience at Google allowed her to understand how to build search algorithms that can help businesses. She describes Node’s platform as a “search engine without a search box.”
Fatemi also said, “The main problem that we’re solving is that we’re essentially facilitating the discovery of the right person at the right company at the right time and even suggesting the right message to reach out.”
The startup came about after Fatemi decided to analyze the many introductions she had made over a five-year period to see what outcomes had taken place. By doing this research, she found that those introductions had actually led to millions of dollars in sales, investments, and partnership.
“I was acting as the node within my own network, facilitating opportunities with the right people at the right time” she said.
Node is targeting mainly salespeople at this time, but the plan is to build platforms for other sectors and industries. Node is designed to where in the future it might help in recommending a new job opportunity or hire. It could also be used for online dating. It could eliminate the time-consuming processes by knowing information about you and finding someone who fits by analyzing their own data.
Of course, that all will take place in the future but for now, Node seems to be off to a great start with investments from people in very important places.