Simon Data wins $30M in funding to blend and organize companies’ customer data
Companies possess more information about their customers than ever before, but putting that data to work to drive sales remains a major challenge for marketing teams. Simon Data Inc. claims it has the solution.
The New York-based startup, which announced today that it has raised $30 million in a Series C funding, provides a cloud service for analyzing customer information. Simon Data can hoover up records from a brand’s transaction logs, website analytics tools, support portal and a variety of other systems. The platform then integrates these disparate records to generate a detailed overview of how customers interact with the company.
Armed with a more complete picture of users, marketing teams can break down their organization’s customer base into audiences. Simon Data makes it possible to group consumers based on factors such as location, purchase history and behavior. The value of these segments is that they be synced to other marketing tools to generate personalized campaigns.
A company preparing to launch a new product, for example, could use Simon Data to identify its highest-paying customers and target them with tailored email promotions. A retailer looking to boost e-commerce sales, meanwhile, can load different versions of its catalog for different website visitors based on which segment they belong to.
Simon Data provides analytics features for measuring how well campaigns work out. Marketers can view the revenue impact of their efforts and other high-level metrics, as well as more granular data like which specific purchases were influenced by a personalized promotion.
Simon Data is one of several contenders in the so-called customer data platform market. Other players include Segment Inc., which raised a $175 million funding round in April, and Amperity Inc., another startup that bagged $50 million from a consortium backed by Goldman Sachs last month.
Despite the intense competition, Simon Data has managed to carve out a niche for itself. The startup counts major brands such as WeWork Cos., Venmo LLC and Albertsons Companies Inc. as customers.
The $30 million funding round Simon Data announced today was led by Polaris Partners. Returning investors .406 Ventures and F-Prime Capital participated as well, bringing its total raised to date to $59 million. The startup will use the capital to hire more employees and add new machine learning features to its platform.
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