Chennai and Salt Lake City-basced leading SaaS startup CloudCherry Analytics has raised $9 million in a second round of Series A funding from venture capital firm Pelion Venture Partners. The current investors Vertex Ventures, IDG Ventures India and Cisco Investments also took part in this round.Earlier, in 2016, the startup raised $6M from Vertex Ventures, Cisco Investments and IDG Ventures India and the funding was used for global expansion. This time again, the funds will be used to grow business in North America and Southeast Asian Markets and strengthen data science capabilities, according to a company statement.
Talking about the funding, Vinod Muthukrishnan, CEO & Founder, CloudCherry, said, “We are excited to have a partner like Pelion who share our values, match our passion, and provide the know-how and network to help us accelerate our next phase of growth.” Earlier in February, the startup talked about its predictive analytics enhancement that included increased speed and accuracy of customer feedback analysis at scale.
The customer experience management startup’s advanced analytics engine uses machine learning and deep learning to crunch billions of unstructured customer feedback across a range of channels, in real-time, revealing key trends, a deep understanding of customer sentiment and the underlying themes and drivers of customer experience, the statement noted. The new enhancements provide the ability to create a multi-level classification hierarchy for key driver analysis – a quick snapshot of higher level themes, and the ability to drill down into areas to look at detailed themes.
In India, the startup competes alongside analytics vendors like Medalia and Qualtrics and has an existing customer base of clients like Salesforce, DBS Bank, Puma among others. The platform is used by leading global enterprises and it enables CX leaders to map and capture omnichannel feedback across the customer’s journey, empowers every single person within the organization with data-driven insights and real-time actionability, and integrates with leading systems of records to make CX a key driver of growth and profitability, the company statement notes. The platform’s cutting-edge insights reveal how customer conversations are shaping brand experiences but at the same time, allows employees with a prioritized list of the actions to take to deliver results.
According to a Markets & Markets report, the customer experience management market is projected to grow to USD 16.91 billion by 2022, at a CAGR of 23.1%. The research hints that the market is primarily driven by an increased adoption of customer experience management solutions to reduce the customer churn rate across the globe.