Shelf.io plans to use the funds to double its employee count. Here are the top-line bullets you need to know.
Shelf.io, an AI-powered knowledge management platform, has raised $52.5M in Series B funding. The round drew participation from Insight Partners and Tiger Global Management.
How’s the company performing?
- Connecticut-based Shelf’s AI engine, MerlinAI, scans customer databases, knowledge bases, and other systems to identify specific information to answer employee queries.
- The company integrates across Salesforce, SharePoint, Box, Slack, and Zendesk, among others.
- Shelf has around 100 employees.
- The company’s annual recurring revenue (ARR) grew 4x last year.
- GemShelf’s clients include Harvard Business Review, HelloFresh, Gerber Life Insurance, John Deere, and Glovo, among others.
Why does the market matter?
- The knowledge management software market is projected to grow at a CAGR of nearly 13% from 2021 to 2025, according to Research and Markets.
- Increasing AI adoption for automation of manual processes across verticals has contributed to industry growth.