AI-powered fundraising software developer Gravyty Technologies has raised $2m in its second round of funding.
Boston-based NXT Ventures and Launchpad Venture Group led the investment, with participation also coming from John Huysmans, Stage 1 Ventures, and The Venture Capital Fund of New England.
Founded in 2016, the Boston-based company uses AI and machine learning technology to automate manual processes for fundraisers by non-profit organisations. The platform uses aggregated and stored data to drive revenue by improving relationships with donners and personalising interactions.
Over the past year the company has ‘significantly’ grown its revenue, tripled its team, and launch a series of AI products, including First Draft, a self-writing email service, according to the company.
Its First Draft service, the first flagship product, helps non-profits automate fundraise emails to important and mid-level prospective donors over a year. The AI-written email can be edited to be personalised, with the machine learning technology then able to learn from the changes and refine future emails with a similar writing style and replicate the personal relationship style with the donor.
Through this equity injection, Gravyty hopes to expand its customer success and marketing teams, bolster its sales resources and increase development and delivery of AI products.
NXT Ventures managing director Raymond Nobu Chang said, “Gravyty is at the forefront of the application of artificial intelligence and machine learning for nonprofit organizations.
“We are so proud to be the first early-backer of this amazing team and we believe their passionate pursuit of customer success through innovation and delivery of disruptive technology will revolutionize the entire nonprofit fundraising industry, and likely more.”
Last month, Accel-KKR acquired non-profit fundraising and marketing software platform Salsa Labs for an undisclosed amount. The company helps organisations to set up mobile-friendly donation pages, supporting personalised automated messaging, one-time gifts and recurring donations.
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