Lytics has raised more funding to fuel growth of its customer data marketing platform.
The 6-year-old Portland startup today announced a $14 million Series B investment round led by Two Sigma Ventures, with participation from Epic Ventures, Comcast Ventures, Rembrandt Venture Partners, and Voyager Capital.
The company captures customer data across various databases and marketing tools, aggregating information in one place and using machine learning to help clients bolster their personalized marketing efforts. Companies like Getty Images, Heineken, General Mills, Nestle, The Economist Group, AdWeek, Newsweek, Comcast NBCUniversal and Atlassian use Lytics.
“This new funding round confirms our position as the leading customer data platform and will accelerate our growth and continued support of leading enterprise customers,” Lytics CEO James McDermott said in a statement.
Lytics has several competitors. Many companies use their own software to analyze internal marketing data; external consultancies offer something similar; and several early-stage startups — Amperity, Amplero, Lytics, and Usermind are four from the Pacific Northwest — are attacking the same problem.
These companies work with “customer data platforms,” said Erik Benson, partner at Voyager Capital.
“The next step in the evolution of marketing tech beyond SFA (salesforce automation), CRM (customer relationship management) and MA (marketing automation) is CDP (customer data platforms),” Benson explained. “Just as the prior leaders in marketing clouds such as Salesforce, Oracle and Adobe conquered CRM and some areas of marketing automation, customer data platforms are the next big wave in marketing technology and are focused on solving the problem of helping the CMOs of consumer-facing companies understand their individual customers utilizing machine learning and public cloud (including virtual private cloud) infrastructure.”
Lytics employs 61 people and has raised more than $21 million to date. It raised a $7 million round in 2014.
Another Portland-based startup, Stackery, also announced new funding Tuesday.