Alyce scores $11.5M funding for AI-driven gift recommendations

Written by Katie Fustich
Published on Jun. 11, 2019
Alyce scores $11.5M funding for AI-driven gift recommendations
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You’d probably take notice of someone who just sent you a gift certificate to your favorite restaurant. At least, that’s the idea behind Alyce, a Boston-based tech firm that specializes in generating sales and marketing leads with the use of AI-generated gift ideas.

And the company just raised $11.5 million in a Series A round.

“Alyce is growing like crazy, and the Series A is perfectly timed to help us capitalize on this explosive growth,” Alyce founder and CEO Greg Segall told Built In.

Alyce caters to sales and marketing personnel at B2B companies by providing them with unique concepts for swag and gifts for potential clients. The gift concepts themselves are generated using AI.

Alyce takes a completely different approach.”

“Marketing and sales organizations are continuously focused on automating outreach — sending hundreds of emails and LinkedIn messages, and making hundreds of calls a day. Every day this becomes less and less effective,” explained Segall. “Alyce takes a completely different approach.”

Alyce’s program is capable of understanding an individual’s unique interests, i.e. “Game of Thrones” or “Dylan’s Candy Bar” by turning to their social media and other online footprints. The program then presents users with a curated array of items they can send to make an impact. Recipients have the option of accepting, exchanging or donating the value of the gift to a range of charities.

The whole thing integrates with Salesforce, making it easy for reps to add the tool to their rotation. According to the company, pipeline penetration yield nearly doubles with “weekly” use of Alyce.

The investors are deeply connected and supportive of the community in a way I haven’t seen in other cities.”

Behind the scenes, Alyce plans to use its Series A funds to expand its own sales, marketing and customer success teams. Alyce estimates that 50 new hires will join the Boston team in the coming year, in addition to 50 new international hires.

Segall, who has been part of the Boston tech scene for 22 years, says the city’s spirit is deeply connected to the mission and success of Alyce.

“The investors, at every stage are deeply connected and supportive of the community in a way I haven’t seen in other cities,” he said.

Manifest led the funding, with participation also coming from Boston Seed Capital, General Capital, Golden Ventures, Morningside and Victress Capital. Manifest Managing Partner Paul Falzone will join Alyce’s board of directors.

Prior to today, the company raised a $5.3 million seed round in late 2017. Today’s funding brings the company’s funding total to $16.8 million.

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