For many, information overload is frustrating and paralyzing. Crayon Data, a Singapore-based big data startup, is here to help simplify the world’s choices.
Everyday we’re faced with so many choices that finding the ideal product or service to suit our needs can quickly become an overwhelming, and many times paralyzing, task. Singapore-based big data startup Crayon Data is here to simplify the world’s choices by providing consumers with fewer options that are personalized to them.
Helping consumers make better choices
Using big data, Crayon Data enables consumers to make more satisfying choices and helps traditional enterprises engage their customers. “The company was founded with the vision to resolve the global dilemma: With more product options, why are enterprises and consumers feeling increasingly dissatisfied? Why are traditional enterprises unable to engage consumers the way internet-age companies do?” Aarti Ramakrishnan, Crayon Data business manager, told Geektime.
Instead of relying on self-directed search, Crayon Data places an emphasis on guided search. It does this by using its SimplerChoices platform, which collects and analyzes data from the context of the search, as well as from other consumers, their behavior, interests and likes. It uses this data to create taste maps which help Crayon Data predict what an individual shopper will like. The SimplerChoices platform currently has data from over 31 million consumers and more than 13 million companies.
Currently two of Crayon Data’s main products are Maya and Yoda. Maya is a personal choice guide that offers consumers relevant and personalized options using Crayon Data’s SimplerChoices platform. Yoda, on the other hand, targets enterprises and helps sales teams make sense of all the data they have access to. Yoda can help businesses do things like identify sales prospects and potential customers,k and plan sales pipelines. These products are still in beta and will be up for general availability in the first quarter of 2015.
Impacting the way business is done
Various companies globally are already using Crayon Data’s offerings, such as a hospitality group in Europe, a search engine company in South East Asia, a global payments company in Asia and banks in the Middle East. Crayon’s solution helped a hotel chain in Europe increase its percentage of repeat visitors from 9 to 14 percent, and helped increase customer spending during their stay at the hotel. The big data solution also helped an Asian Pacific global payments company discover five times the number of leads.
Founding and funding of Crayon Data
The company was founded in 2012 by Srikant Sastri and Suresh Shankar, who are no strangers to the world of big data. Both have more than 20 years of industry experience and a few successful exits to their names. The startup has raised a total of $5.3 million in funding primarily from private investors and angel investors. In their most recent round of funding, they raised $1.4 million from angel investors.
There aren’t any solutions like Crayon Data available on the market currently. Other big data solutions are able to manipulate either internally sourced data or external data, but not both. Crayon Data makes sense of all this data while using sophisticated data science techniques. “To date, no other solution in Asia has come close to delivering meaningful knowledge, at the level of in-depth insight provided by Crayon’s SimplerChoices,” said Ramakrishnan.
With information overload already a stark reality for many people, Crayon Data’s offering is refreshing. It could also be the answer to a deeply frustrating problem. And with personalization becoming an increasingly integral part of the consumer experience, Crayon Data is too relevant to ignore.