Simon Data hauls in $30M Series C to continue building customer data platform
As businesses use an increasing variety of marketing software solutions, the goal around collecting all of that data is to improve customer experience. Simon Data announced a $30 million series C round today to help.
The round was led by Polaris Partners . Previous investors .406 Ventures and F-Prime Capital also participated. Today's investment brings the total raised to $59 million, according to the company.
Jason Davis, co-founder and CEO, says his company is trying to pull together a lot of complex data from a variety of sources, while driving actions to improve customer experience. “It's about taking the data, and then building complex triggers that target the right customer at the right time,” Davis told TechCrunch. He added, “This can be in the context of any sort of customer transaction, or any sort of interaction with the business.”
Companies tend to use a variety of marketing tools, and Simon Data takes on the job of understanding the data and activities going on in each one. Then based on certain actions such as, say, an abandoned shopping cart it delivers a consistent message to the customer, regardless of the source of the data that triggered the action.
They see this ability to pull together data as a customer data platform (CDP). In fact, part of its job is to aggregate data and use it as the basis of other activities. In this case, it involves activating actions you define based on what you know about the customer at any given moment in the process.
As the company collects this data, it also sees an opportunity to use machine learning to create more automated and complex types of interactions. “There are a tremendous number of super complex problems we have to solve. Those include core platform or infrastructure, and we also have a tremendous opportunity in front of us on the predictive and data science side as well,” Davis said. He said that is one of the areas where they will put today's money to work.
The company, which launched in 2014, is based in NYC. The company currently has 87 employees in total, and that number is expected to grow with today's announcement. Customers include Equinox, Venmo and WeWork. The company's most recent funding round was a $20 million in July 2018.