+1-888-308-5802     
News Contact Us

AI startup CleverTap raises $35 million in Series C funding round

Author : Pankaj Singh | Published Date : 2019-10-17 

With each passing day, technological advancements like machine learning, artificial intelligence, and deep learning are shaping the future of numerous businesses around the world. As globalization has led to a rise in competition, it has become vital for companies to become more customer-centric and efficient. Artificial intelligence and analytics also playing a vital role in improving these areas.

CleverTap is one such mobile analytics and marketing startup that has reportedly raised $35 million in Series C funding round which was led by Tiger Global Management and Sequoia India.

According to reports, this new funding would increases the company’s outside investment to USD 61 million since the beginning of 2019. Product development and global expansion will be key areas of emphasis for the company.

Furthermore, these funds will be used to fuel the growth of its engineering, sales and marketing departments across the U.S., Europe, Asia, and Latin America. The company will also build its US-based engineering center and add improved predictive capabilities to its market-leading platform with this funding.

Sunil Thomas, Co-founder and CEO of CleverTap, stated that the company is in a unique position to offer solutions that deliver actionable insights and drive deeper engagement based on real-time customer usage-all at scale. He added that the latest round of funding would enable the company to help more firms to reach their customer retention goals.

For a record, CleverTap’s AI-powered customer life cycle and user retention platforms offer a strong engagement suite that allows brands to engage, convert, retain, and develop their mobile user base. More than 8,000 companies in the world including Discovery, Vodafone, Sony, Star, Carousell and Fandango Latam uses its technology to enhance customer engagement and retention to increase revenue growth.

CleverTap’s solution have also been adopted across multiple industries and its customer growth rate has increased by more than twice since 2018.

Source Credit - https://www.business-standard.com/article/companies/ai-firm-clevertap-raises-35-mn-in-funding-round-led-by-tiger-global-119101501472_1.html

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Gurgaon based Healthians secures $12 million in Series B funding

Published Date: 2019-11-19         Author: Pankaj Singh

Healthians, a home health test provider, has reportedly secured Rs.85 crore ($12 million) equity in a Series B investment round. The investment round was led by DG Daiwa Ventures and DG Incubation of Japan, with equal participation from companies like Trifecta and Kotak Private Equity from India, To... Read More

Vista Equity Partners unveil new company expansion efforts in Asia

Published Date: 2019-11-18         Author: Pankaj Singh

Vista Equity Partners, a renowned American venture capital and private equity company, has reportedly announced that it has opened a new office in Singapore. The new office would come under the Vista Consulting Group (VCG) name. VCG is an affiliated consulting unit of the Texas-based leading investm... Read More

Daimler amid plans to reduce workforce to save €1Bn by 2022

Published Date: 2019-11-16         Author: Pankaj Singh

With stringent emissions norms being imposed worldwide, automakers are forced to recall their sold vehicles owing to imposed legal actions. German auto giant, Daimler AG has reportedly been hit by expensive recalls lately, which includes a €870-million fine for selling vehicles that did not com... Read More

© 2019 Fractovia. All Rights Reserved