With each passing day, technological advancements like machine learning, artificial intelligence, and deep learning are shaping the future of numerous businesses around the world. As globalization has led to a rise in competition, it has become vital for companies to become more customer-centric and efficient. Artificial intelligence and analytics also playing a vital role in improving these areas.
CleverTap is one such mobile analytics and marketing startup that has reportedly raised $35 million in Series C funding round which was led by Tiger Global Management and Sequoia India.
According to reports, this new funding would increases the company’s outside investment to USD 61 million since the beginning of 2019. Product development and global expansion will be key areas of emphasis for the company.
Furthermore, these funds will be used to fuel the growth of its engineering, sales and marketing departments across the U.S., Europe, Asia, and Latin America. The company will also build its US-based engineering center and add improved predictive capabilities to its market-leading platform with this funding.
Sunil Thomas, Co-founder and CEO of CleverTap, stated that the company is in a unique position to offer solutions that deliver actionable insights and drive deeper engagement based on real-time customer usage-all at scale. He added that the latest round of funding would enable the company to help more firms to reach their customer retention goals.
For a record, CleverTap’s AI-powered customer life cycle and user retention platforms offer a strong engagement suite that allows brands to engage, convert, retain, and develop their mobile user base. More than 8,000 companies in the world including Discovery, Vodafone, Sony, Star, Carousell and Fandango Latam uses its technology to enhance customer engagement and retention to increase revenue growth.
CleverTap’s solution have also been adopted across multiple industries and its customer growth rate has increased by more than twice since 2018.
Source Credit - https://www.business-standard.com/article/companies/ai-firm-clevertap-raises-35-mn-in-funding-round-led-by-tiger-global-119101501472_1.html