A Boston-based fundraising technology company in the artificial intelligence (AI) and machine learning (ML) space has received an injection of $21 million for its next round of growth.
K1 Investment Management announced a $21-million commitment to Gravyty. The Manhattan Beach, Calif.-based investment firm focuses on high-growth enterprise software companies. Gravyty plans to use the funding to accelerate growth in product development and fund go-to-market strategies.
Founded in 2016 at Babson College outside Boston by CEO Adam Martel and CTO Rich Palmer, Gravyty provides a suite of SaaS-based products that use AI and ML to “automate processes for frontline fundraisers, build donor relationships and raise more revenue.”
A round of funding in 2018 raised $2 million for Gravyty through Boston’s NXT Ventures and Launchpad Venture Group. It also included the support of John Huysmans, Stage 1 Ventures, and The Venture Capital Fund of New England. That round funded expansion of customer success and marketing teams, accelerated development of its suite of AI products, and improved core technology.
In four rounds of funding Gravyty reportedly has raised $23.5 million.
First Draft is Gravyty’s flagship self-writing email product for fundraisers to target major and mid-level prospective donors. Emails can be edited and personalized and First Draft can “learn from a user’s edits and refine its understanding of writing style and relationships with individual donors.”
Gravyty clients include nonprofits, colleges and universities, hospitals and healthcare organizations, among them City of Hope, Westmont College, University of Buffalo, and Cure Alzheimer’s Fund, among others. K1 has partnered with more than 110 enterprise software companies, including Buildium, Checkmarx, Jobvite, Litera Microsystems, and WorkForce Software.
In 2018, Gravyty formed the AI in Advancement Council, a 16-member group that aims to accelerate the impact of AI in advancement, aggregate learnings and communicate best practices, and guide ethical applications of AI technology within the advancement community.