Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Blockbuster @TechCrunch investigation of @a16z-backed AI sales startup 11x: - 11x claimed customers it didn't have, like ZoomInfo & Airtable. - 11x counted trial users as full-year ones, making its ARR look 4x bigger. - 11x's products "barely work," former eng says. https://t.co/qIYaBEOUZa
a16z and Benchmark-backed 11x has been claiming customers it doesn’t have: https://t.co/NUzJRtuBZa by TechCrunch #infosec #cybersecurity #technology #news
Last year, AI-powered sales automation startup 11x appeared to be on an explosive growth trajectory. However, nearly two dozen sources – including investors, current and former employees – tell TechCrunch that the company has experienced financial struggles, largely of its own https://t.co/JwpWW7k0TV
A recent investigation has raised questions about the legitimacy of 11x, an AI-powered sales automation startup backed by Andreessen Horowitz (a16z) and Benchmark. The company, which claimed to have millions of user accounts, reportedly misrepresented its customer base, counting trial users as full-year customers and inflating its annual recurring revenue (ARR) by four times. Sources, including investors and former employees, have indicated that 11x has faced financial difficulties and that its products have not performed well. Despite these issues, JPMorgan acquired 11x for $175 million, leading to scrutiny over how the bank overlooked these discrepancies in the startup's claims.
