SaaS company CloudCherry Analytics have raised USD 9 million in the second round of Series A funding from venture capital firm Pelion Venture Partners. As per the terms of the investment deal, CloudCherry will be using the funds to grow their business in North American and Southeast Asian markets and strengthen their data science capabilities.
CloudCherry say that markets in Southeast Asia and North America depend on the cloud, advanced analytics, machine learning and deep learning to crunch billions of unstructured customer feedback across a range of channels in real-time. They say that this allows enterprises to understand customer behaviour and build better customer experiences.
By raising USD 9 million from Pelion Venture, CloudCherry believe that they will allow enterprises to drive multi-level hierarchy for customer feedback classification. They also say that enterprises can derive detailed themes to understand customer brand experiences and leverage them to build better cloud-based products.
Speaking about the funding, Vinod Muthukrishnan, CEO & Founder at CloudCherry, commented:
We are excited to have a partner like Pelion who share our values, match our passion, and provide the know-how and network to help us accelerate our next phase of growth.
In less than two years, we’ve taken market share from older, established players; drawn attention and coverage from the leading analyst firms, and have established partnerships with industry behemoths including Microsoft and Nielsen.
The SaaS company say that earlier in 2016, they raised USD 6 million from Vertex Ventures, Cisco Investments and IDG Ventures India and used the funding for global expansion. They also say that during the same period, they were considering enhancing the predictive analytics prowess of their platform by increasing the speed and accuracy of customer feedback analysis at scale.
According to market evangelists, the customer experience management market is projected to grow to USD 16.91 billion by 2022, at a CAGR of 23.1%. It will be interesting to see how SaaS startups like CloudCherry and Narvar, who have raised USD 30 million, take this market forward with new and innovative products.