Lytics CEO James McDermott. (LinkedIn Photo)
Lytics has raised more funding to help brands such as Nestlé, The Economist, Atlassian and others bolster their 1-to-1 customer marketing outreach.
The Portland, Ore.-based startup announced a $35 million Series C round led by late-stage software growth equity firm JMI Equity. Existing investors such as Comcast Ventures, Two Sigma Ventures, Rembrandt Venture Partners, and Voyager Capital also participated.
What Lytics does: The 7-year-old company captures customer data across various databases and marketing tools, aggregating information in one place and using machine learning to help consumer-facing companies with their personalized marketing efforts.
Traction: Lytics has more than 175 enterprise brands paying for its software. It saw revenue increase by nearly 3X last year. The company raised its Series B round this past April and total funding to date is north of $50 million.
Competition: There are various competitors tackling the same problem. Many companies use their own software to analyze internal marketing data; external consultancies offer something similar; and several early-stage startups — Amperity, Amplero, and Usermind are three from the Pacific Northwest — have a similar pitch.
Investor insight: Backers describe Lytics as the leader among customer data platforms. “As marketers seek to coordinate more of their campaigns across channels, Lytics is perfectly positioned to make this possible,” Suken Vakil, general partner at JMI Equity, said in a statement.
“Starting with our initial investment, we recognized the disruptive role Lytics’ vision for customer data platforms could play within the world’s largest brands,” added Erik Benson, partner a Voyager Capital.