The company, which has developed a cloud platform to identify and register users through their social networks, just announced the completion of a $35 million funding round
Israeli startup Gigya, which has developed a consumer identity management platform that allows companies to collect, consolidate, and manage first party customer data in the cloud, announced the completion of a $35 million funding round toay. The round was led by Intel Capital along with Vintage Investment Parters and Common Fund, and existing investors from Adobe, Advance Publications, Benchmark Capital, DAG Ventures, Greenspring Associates and Mayfield Fund. To date, Gigya’s total funding is $104 million.
Gigya’s cloud platform allows sites, services, and applications to identify their customers, users and visitors and increase customer retention by allowing visitors to sign in through their social networks. Social integration makes it easier for users to sign up during the registration process and for companies to offer more relevant recommendations based on their social profiles.
This provides obvious benefits to companies, particularly in offering more targeted services and products to first time visitors, which hopefully increases brand loyalty. In addition, users inadvertently become “brand ambassadors” thanks to the fact that their activity can be shared over social media. And, most obviously, this social profile information is a goldmine for advertisers.
According to Gigya, it not only increases the user enrollment rate, it also increases the chance for a user to register that wouldn’t have otherwise shared their information. The cloud platform is also easy for companies to integrate because in-house developers do not need to change or edit their site’s code to add Gigya’s service: They just need to add a plugin to their existing code.
Plans to expand their product offerings
Eyal Magen, Eran Kutner and Rooly Eliezerov founded Gigya in 2006. The company serves more than 700 customers worldwide, including well known companies such as NBC, Forbes, AutoTrader, Dell, PacSun, Tommy Hilfiger, Barneys New York, and more.
According to the company, it has experienced a significant amount of growth over the past year. By the end of 2014, they believe they will have processed over one billion registrations and visitors through its platform. The company plans to use the current amount of funding to expand its global market share, with plans to invest in marketing, sales and client services offices worldwide.
As a result of the current investment, Gigya plans to expand its product line, working together with Intel’s security division to bring relevant solutions to market that will allow various customers to identify themselves more easily to a variety of sites and mobile applications.
“The days of anonymity on the Internet are over. That’s a good thing,” Patrick Salyer, CEO of Gigya, said in a statement. “Consumers have made it clear that customization and personalization are here to stay. To get there, businesses need to understand the wants and needs of their customers, and that starts with identity. But many approaches to collecting and managing customer information violate user privacy and data regulations, and are neither accurate nor useful. Moreover, legacy approaches aren’t up to the technical task: they can’t handle the unstructured data generated from mobile and social applications. We designed our customer identity platform from the ground up to manage the complexities of the modern consumer’s identity, including issues around social, mobile, privacy and security. Our alliance with Intel enables us to continue to innovate and make the web more customized for everyone.”