Friday, 14 July 2023, Bengaluru, India
In recent years, the customer data platform (CDP) has grown in popularity as a central location for gathering consumer data to understand their needs better. Twilio spent $3.2 billion to acquire CDP Segment in 2020 to create data-driven products. Today, early-stage startup Lantern is expanding on that concept by fusing a B2B-focused CDP with a customer success platform comprising a collection of AI-powered tools to use that data.
Today, the business disclosed a $6.8 million seed round that includes an undisclosed $1 million portion from 2017 and the closing of the remaining funds in November.
According to David Bromberg, the company’s founder, the concept was to pair a customer data platform targeted at B2B businesses with customer success solutions to generate more effective revenue outcomes. He wanted to create something that would make it simple for you to get access to your data sources and use that data.
Customers first select the many data sources they have available to them. The company offers 50 data connectors at this time. Lantern is developing several tools to assist you in better understanding your consumers and, eventually, generating more revenue using the data already present in the CDP. One of the earliest technologies helps identify customers who are most likely to be open to upselling, and the most recent one assists salespeople in locating clients who have changed employment and then automatically generates leads to target them at their new account.
“We’re attempting to unlock this new pipeline channel of your existing customers, whether that’s upselling them or following satisfied customers to their next job to sell them for a second time,” the representative said. To create a real platform, they are also considering developing more tools, utilizing the data in the CDP.
Twelve people are working for the company, but more engineers and go-to-market specialists will be added soon. Bromberg claims that his cap table is already 60% female in terms of creating a diverse firm, which he admits was a happy accident but wishes to maintain as he grows his business.
We wanted the smartest, most knowledgeable people at the table, and it just so happened that they were women. We are adopting the same strategy for our business. We want to bring in the best talent, and that talent also happens to be very varied,” he remarked.
With participation from 8VC, 8-Bit Capital, Coalition, and several well-known business angels, today’s $6.8 million seed round was co-led by Primary Ventures and Moxxie Ventures.
[Source of Information : Techcrunch.com]
