[Funding alert] AI-based analytics startup Pyze raises $4.6M led by Illuminate Ventures

Pyze, a Redwood City, California-based AI-driven analytics and engagement solution provider, on Thursday, announced it has raised $4.6 million in funding led by Illuminate Ventures, with participation from Benhamou Global Ventures and Correlation Ventures. 

As part of the deal, Cindy Padnos, Founder and Managing Partner at Illuminate, will join the company’s board.

Commenting on the investment, Prabhjot Singh, President and CEO, Pyze said,

“We have on-boarded thousands of web and mobile applications and are seeing strong demand for our services. This funding will help us further accelerate onboarding of more platforms, providing analytics and engagement capabilities to them and to their customers.” 

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The company had previously secured funding $1.7 million in a seed round led by John Chisholm Ventures and DoubleRock, in March 2016.

Cindy Padnos, Founder and Managing Partner of Illuminate Ventures added, 

“As business services span multiple devices and as marketing campaigns become channel-agnostic, the capabilities offered by Pyze will become imperative for leading digital platforms and enterprises.”

Founded in 2013 by Prabhjot Singh, Pyze provides a B2B platform that allows brands and enterprises maximise user retention and monetisation through automated user behaviour tracking, segmentation and omnichannel campaigns. It helps digital publishers solve their biggest challenge - long-term user retention - through AI-based engagement and personalisation. 

Pyze’s initial focus verticals include low code/no code web and mobile app platforms, commerce marketplaces, media platforms, and multi-brand enterprises.

The company also recently announced a partnership with MobileSoft, a mobile app software development company, to provide behaviour analytics and marketing to over 50,000 companies across their 300,000 apps.

“The ability to offer sophisticated analytics and automated marketing capabilities to our customers is a huge win for MobileSoft,” said Jason Soto, Vice President and General Manager of MobileSoft.  “Our clients love using the platform, specifically the integrated usage analytics and automated campaign execution, giving us the ability to offer our customers the growth marketing tools they need to compete effectively.” 

MobileSoft designs, develops and publishes Android and iPhone apps for thousands of clients around the world. It has over 120 million smartphone users worldwide that access their platform monthly.

(Edited by Saheli Sen Gupta)

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