New York City-based Datorama, a marketing analytics provider, closed on a $32 million round of Series C funding led by Lightspeed Venture Partners. It plans to invest the funds in artificial intelligence (AI) technologies to support its machine-learning capabilities.
Datorama has raised $50 million since it was founded in 2012. The company was co-founded by CEO Ran Sarig, CTO Efi Cohen and CSO Katrin Ribant.
Before founding the company, Sarig spent nearly three years in at MediaMind (now Sizmek), most recently as vice president of research and development. He also worked for Swets Information Services and Pointech Information Systems and spent six years as an officer in the Israeli Navy.
What Datorama Does
Datorama's Software-as-Service (SaaS) platform gives marketers the ability to connect all of their data sources together, helping organizations produce marketing data analytics and gain business insight. Its solutions include continuously updated KPIs, analytics and insights. Its dashboards and reporting cover standard KPIs to advanced predictive analytics.
Company officials said that Datorama's Marketing Integration Engine, using AI technologies, automates the process of connecting online and offline data sources from advertising, marketing, sales and customer relationship management (CRM) technologies. It combines that data integration capability with patent-pending data modeling, campaign management tools, data visualization and advanced analytics.
Datorama's Industry Recognition
Datorama made the cut in Gartner's Cool Vendors in Data-Driven Marketing in April. The research organization's report focuses on the tools and techniques used to identify, manage, analyze and use a growing number of data sets. It also looks at how marketers are building up their analytics and go-to marketing capabilities. Datorama, Gartner researchers wrote, has a strong focus on integrating data sets and offering markets as way of taking meaning from those integrated data sets.
Datorama was also named a 2015 Deloitte Israel Fast 50-Rising Star, which recognized Datorama's revenue growth rate of 694 percent.
"This is a very pivotal moment for Datorama," Ran Sarig, co-founder and CEO of Datorama, said in a statement about this week's funding. "Although we're extremely proud of our achievements and monumental growth in the exceedingly complex MarTech market, we're not going to rest on our laurels. In this next stage we're going to focus on the further development of our best-in-breed solution, and we're going to continue to push the boundaries of machine learning and how it's applied in the marketing analytics capacity."
Artificial Intelligence Gains Traction
Datorama's investment in AI marks the latest in a series of similar bets by enterprise software providers.
Last month, Salesforce unveiled its plans for Salesforce Einstein, which will use AI to provide salespeople with analytics that it says will steer them to the right customers.
OpenText, at its annual user conference in July, released its AI investment: the company’s future cognitive analytics technology, Magellan.
Others are seeing the value of AI in marketing tech stacks like marketing automation.
"Artificial Intelligence just might be the missing piece to your marketing automation," Greg Blazewicz, CEO and founder of SALESmanago, a cloud-based, Cracow, Poland-based marketing automation platform, wrote on CMSWire last month.
"By counter intuitively adding a human touch to the automated communications with your potential customers, it significantly enhances their digital customer experiences (DXM). Additionally, if you include better big data exploration and predictive analysis of customer interests, you can see the potential it offers to improve marketing automation."