Octiv Snags Backing from GE Ventures, Plans to Continue Expansion
Octiv, the Indianapolis-based startup working on productivity tools for sales teams, announced last week that it has secured investment capital from GE Ventures, which has offices in Boston, San Francisco, and other cities across the country. The amount contributed by GE Ventures, the venture capital arm of General Electric (NYSE: GE), was undisclosed. The funding is part of a $4.75 million round that includes participation from High Alpha Capital, Greycroft Partners, and Allos Ventures.
Octiv calls its product a sales productivity platform that pulls in data from customer relationship management, configure price quote, and enterprise resource planning software systems to help corporate sales teams improve how documents and assets are created, distributed, and tracked. According to a press release, this enables users to get better insight into buyer behavior and customer interactions.
“This investment deepens our relationship with GE, and will help us to accelerate development priorities for our enterprise clients,” Dustin Sapp, co-founder and CEO of Octiv, said in a prepared statement.
GE is putting its money where its mouth is. Sales teams within the company are now using Octiv to help manage new digital commerce offerings. “They’re a partner in the solution, not just a vendor or a product,” said Drew Marquardt, global commercial tools leader for GE Industrial Solutions.
The investment from GE Ventures caps a busy year for Octiv. In July, the company formerly known as TinderBox rebranded as part of its ongoing expansion.