US-based marketing intelligence platform Datorama closes new funding to focus on AI and machine learning solutions
Datorama announced on Monday their $32 million Series C funding round, led by Lightspeed Venture Partners and with participation from prior investors Marker LLC and Eric Schmidt’s Innovation Endeavours.
The closing of this round brings their total funding to $50 million.
Founded in 2012 by CEO Ran Sarig, CTO Efi Cohen, and CSO Katrin Ribant, Datorama now has 160 employees across 14 offices worldwide, with customers including Foursquare, GoDaddy and L’Oréal. The Datorama pledge is to give marketers the ability to connect and unify all their data sources (marketing, sales, service, finance), in order to analyze and act upon them in a reasoned and well-informed manner.
Sarig told Geektime that marketers are using the platform “to have a single source of truth.” The idea is that they can see everything, make better decisions, and operate “more efficiently.” A recent study by Forrester Consulting found that Datorama enterprise customers saw a total economic impact benefit of $9.8 million by using the product. The company was named a Deloitte Israel Fast-50 Rising Star for 2015.
Co-founder and CEO Ran Sarig said in a statement that with this new funding “we’re going to focus on the further development of our best-in-breed solution, and we’re going to continue to push the boundaries of machine learning and how it’s applied in the marketing analytics capacity.” The funding will also be used to continue Datorama’s global expansion and add new talent to the team.
The Datorama Marketing Integration Engine uses artificial intelligence to automate the collection of data sources. CEO Ran Sarig told Geektime that “any marketer can connect any number of data sources to the platform” (one customer has as many as 1200 sources!). The machine learning algorithm then interprets and maps this to the rest of the data as it sees fit. As implied by the name, it gets better at its job as it continues to learn. Later down the line, Sarig expects that it will be possible to use machine learning techniques to “drive insights” as well.
New investors Lightspeed Venture Partners primarily focus on the Consumer and Enterprise sectors, with over $4 billion in committed capital. Partner David Gussarsky said in a statement that “We are confident that the company will come to dominate the marketing technology space in the years to come.”
In today’s data-rich landscape, it’s clear that one of the biggest challenges for marketers is not acquiring data, but making sense of it. With Datorama, it seems that they are on the right track to utilizing machine learning to allow their clients to make the most out of their data and drastically improve ROIs.