Customer lifecycle management platform CleverTap has secured $26m for its Series B round of funding, valuing the company at more than $150m.
The capital injection was led by Sequoia India, with participation also coming from previous backer Accel and first-time CleverTap investor, Tiger Global Management.
Capital from the round will be used to accelerate the growth of its technology and scale the business to meet growing customer demands, it said.
CleverTap is a customer lifecycle management platform which provides 8,000 companies worldwide with tools to improve customer experiences. Businesses can leverage the big data and AI engine to analyse their customer’s actions and provide them with more personalised experiences.
Its platform offers a centralised location for customer data, with advanced segmentation available to better categorise the customers. In order to support direct interactions with a customer, CleverTap support a range of communication methods, launch personalised campaigns, and push notifications.
CleverTap also provides businesses with data privacy and security tools to help meet compliance with regulations such as GDPR and HIPAA BAA. Data on the CleverTap solution is encrypted and has IP restricted access to ensure only those who should access data can.
Since 2015, the company has witnessed a revenue growth of 250 per cent year-over-year, driving $2bn in incremental revenue for customers, the company said.
Accel partner Prashanth Prakash said, “CleverTap is meeting the growth and retention needs of some of the fastest growing consumer apps such as GO-JEK, Fandango, Hotstar and Zilingo. Powered by the next generation of data science enabled capabilities, it’s allowing companies to automate their marketing decisions – leading to better business outcomes. We’re excited to bring our expertise to CleverTap to support them in this mission.”
CleverTap recently opened an APAC headquarters in Singapore and has expanded its presence in the Americas and Europe.
Copyright © 2019 RegTech Analyst