Many businesses need to close deals by making calls, having conversations with prospective customers, and convincing them to invest in a product or service. All of these calls generate data that needs to be recorded and shared with sales management. Entering this data can often prove time-consuming for sales representatives, and inaccuracies can be difficult to prevent.

Enter Traq365, a new conversational artificial intelligence (AI) tool to record and analyze sales conversations. When sales representatives record conversations with Traq365, they automatically receive a full conversation transcript with an AI-powered summary, sentiment analysis, and opportunity score. We reached out to founder Adam Rubenstein to learn about the true power of customer conversations and how Traq365 can wield it.

Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length. 

Funding Round Details

Traq365 Corporation logo
Company: Traq365 Corporation
Security Type: SAFE
Valuation: $8,500,000
Min Investment: $250
Platform: Wefunder
Deadline: Jan 16, 2022
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In your own words, how would you describe Traq365?

We believe that the sales conversation is the most relevant source of data during a sales opportunity. Traq365 is designed to convert spoken words into data, and this data is then processed, summarized, organized, and analyzed through artificial intelligence. The advanced, AI-enhanced conversation capture and analysis provides an unparalleled view into buyer sentiment, priorities, and concerns, which sales teams can use to build winning sales strategies. Sales leaders gain complete visibility into every sale, so they can assist with deal strategies and generate accurate revenue projections.

What inspired you to take the leap and start this company?

Over the past 25 years in sales and sales leadership, I’ve experienced the same problem — a lack of visibility into each sale. This meant that I could not help my team maximize their sales effectiveness.  

Then the perfect storm struck. The pandemic meant that most sales calls were performed via a web conference tool such as Zoom or WebEx. Cloud computing has made computers less expensive than ever before. And finally, AI — specifically, natural language processing, the subset of AI that converts language into data — has advanced dramatically in the past 18 months. This combination of factors makes it possible to do what was previously impossible: analyze sales conversations for insights and actionable intelligence. This is why I decided to start Traq365.

Who is on your team and how did you come together?

Our founding team is Pete Rice, Chris Rice, and myself. I’ve known Pete and Chris for more than 20 years, having worked with them extensively in the past. They each have more than 25 years of experience in software development, IT infrastructure, and business management logistics. And they both have experience building large-scale, multi-tenant applications. When I decided to start Traq365, I wanted a team with all the requisite skills. Pete and Chris rounded out the skill set needed to launch Traq365.

How is Traq365 transforming the customer relationship management (CRM) industry?

We see ourselves as the perfect complement to every CRM system. We make it possible to capture and understand the most important data hidden in conversations with buyers. Then, we transcribe, summarize, analyze, measure, and score the conversation, empowering each sales professional to move the sales forward with precise insights that will make them more effective and efficient. All of the buyer insights and analyses are easily injected into any CRM system, adding highly valuable (and previously unavailable) information on each sales effort and dramatically increasing the visibility of the sales pipeline.

What does the competitive landscape look like, and how do you differentiate?

The industry and technology surrounding conversation intelligence are quite new and steadily growing. There are several companies doing things in this space but using a different approach. Our technology puts the buyer at the center. What is the buyer thinking? What are the concerns, objections, and hidden signals they provide during the sales conversation? Without capturing and processing this information through Traq365, many of the details are lost.

How do you intend to use the money you raise this round to scale the business?

The technology is functioning well and is being well-received by our customers. We’ll continue to evolve the product and move forward on our development roadmap. More importantly, now that the technology is ready, a significant amount of resources will be devoted to building awareness through sales and marketing.

What do you want potential investors to know about you and/or your company?

This is my fourth company since attending graduate school. I have an MBA from Wharton. I sold an earlier business to pay for graduate school.  

Every business will run into hurdles that feel insurmountable. I’m the entrepreneur that doesn’t believe in quitting. Every hurdle is simply a challenge that needs to be figured out and overcome.  

Finally, I know that Traq365 solves a really big problem. And I know that we’re going to be successful.

As a serial entrepreneur, what advice would you give to other entrepreneurs?

Building a company is very hard work, and few people have the gumption to take the first step. It requires the ability to make complicated decisions with limited data. It demands the ability to overcome hurdles day after day.  Great entrepreneurs enjoy the process of building their company. They enjoy the journey. And they build it to change the worldor at least the small part of it where they exist.

As you think about the business 5-10 years down the road, what do you see exit opportunities looking like? Have you set any future goals for the company?

Every opportunity is a collection of conversations. They are the lifeblood of every sale. 

We see ourselves as the sharp tip of the spear for every sales organization. Traq365 can become a critical component of every CRM system or embedded into every web conference tool, such as Zoom, Webex, Teams, Google Meet, etc. And we may become part of every soft-phone system.

The most likely exit scenario is a strategic acquisition by one of the industry players mentioned above or another strategic fit, such as one of the other players in the sales technology stack.  Less likely, but possible, is an IPO as a stand-alone technology that can be easily integrated into the many solutions mentioned above.

We look forward to seeing where Adam and his team take the company. Traq365 is currently raising on Wefunder.