[Funding alert] Blueshift raises $30M in Series C round led by Fort Ross Ventures, Avatar Growth Capital
Blueshift, an AI-powered customer data platform (CDP), on Wednesday said it has raised $ 30 million (about Rs 217.4 crore) in funding, led by Fort Ross Ventures, along with Avatar Growth Capital.
Existing investors including Softbank Ventures Asia , Storm Ventures, Conductive Ventures and Nexus Venture Partners also participated in the round, a statement said.
With the latest series C round of $ 30 million, the total amount raised stands at $ 65 million, it added.
Ratan Singh of Fort Ross Ventures will join Blueshift's Board of Directors.
“Our mission is to back category-leading companies that are poised to dominate a market. Blueshift clearly stood out to us as the leader in the enterprise CDP space,” said Ratan Singh of FortRoss Ventures, Blueshift’s newest board member. “We are thrilled to partner with the Blueshift team as they accelerate the adoption of their SmartHub CDP platform.”
Marketing and Customer Experience (CX) are increasingly intertwined in today's connected world, and marketers are being tasked with understanding customers through the lens of CX data to craft personalised experiences.
Traditional marketing platforms focus only on marketing response data (like clicks), and are unable to leverage CX data from across the customer journey, the statement said.
Blueshift's SmartHub CDP platform combines the data fidelity of a CDP with the intelligence needed for marketers to make real-time decisions, it added.
Blueshift will use the proceeds from this latest funding round to further accelerate its global growth, cementing its leadership position in the CDP space, it said.
"With the increased urgency towards digital transformation, we have seen an increased demand for a SmartHub CDP, that can not only unify silo-ed data, but also unify silo-ed experiences," said Vijay Chittoor, co-founder and CEO of Blueshift.
"One of the biggest challenges in 1:1 marketing is the need to activate large volumes of data when you scale to millions of customers across multiple touch points. Unlike other platforms that struggle with handling increasing amounts of data, Blueshift becomes more powerful the more data you have in it," said Chris Kachel, Senior Director of Customer Experience at LendingTree. "This has allowed us to scale our personalisation efforts and customer journeys across multiple apps on different channels, and the results have been tremendous."
(Disclaimer: Additional background information has been added to this PTI copy for context)