Mitsui invests in Ratan Tata backed company Crayon Data
Mitsui & Co has made an undisclosed investment in big data company Crayon Data, which will help the latter strengthen its products and foray into the Japanese market. The investment includes a business service agreement, under which Mitsui will support the launch of Crayon Data's products in Japan, and the expansion of its customer assets, a statement by Mitsui said.
Crayon Data, which is also backed by Ratan Tata, will use the fresh infusion of funds to accelerate its global expansion and look for sharper customer insights, it added. "Mitsui is not just bringing in funds, but also a deep faith in our vision - to build a personalised choice marketplace, where consumers, enterprises and merchants can all experience choice. We look forward to our foray into the Japanese market this year," Crayon Data Founder Suresh Shankar said.
Mitsui will also look to add benefits to its subsidiaries and investee companies in retail, CRM and digital advertising. "We believe that personalisation, which Crayon Data brings through big data analysis of consumer behavior, is going to be key for every business related to consumer interactions, across every industry and every geography," said Noda, General Manager - IT Service Division, IT and Communication Business Unit of Mitsui & Co.
Crayon Data hopes to soon map the tastes of Japanese consumers and focus on industries like banks, hotels, advertising and media. The company had previously raised funding from angel institutional investors like Jungle Ventures and Spring Seeds.