CLARABRIDGE SECURES $12 MILLION IN NEW FUNDING
August 8, 2008 00:00 AM
Clarabridge, the leading provider of text analytics software used by many Fortune 1000 companies to improve customer experience management (CEM), today announced it has secured $12 million in Series C financing. This third round of funding—led by Grotech Ventures and joined by Harbert Venture Partners and existing investors Boulder Ventures and Intersouth Partners—will enable Clarabridge to expand its sales and marketing efforts and product development by doubling of its workforce in 2008, with staff additions across customer support, engineering, marketing and sales.
Since 2006, Clarabridge has achieved significant technology acclaim, sales growth, and customer acceptance. In 2007, Clarabridge tripled its customer base and grew revenues by 500 percent. This year Clarabridge recorded its two highest revenue producing quarters in the first half of 2008. Clarabridge introduced the industry’s first software-as-a-service (SaaS) text analytics solution in June 2007, which has been rapidly adopted by customers.
“Clarabridge has great momentum, and I have been impressed with its ability to attract a significant number of large blue-chip customers in a short time, its understanding of the customer experience marketplace, and its foresight of where its markets are headed,” said Don Rainey, general partner with Grotech Ventures. Clarabridge helps Fortune 1000 companies better understand their customers by capturing and analyzing consumer content from various company feedback points, such as call center notes, qualitative survey feedback, web 2.0 content, and online consumer forums. The company categorizes this information, determines a sentiment score, then presents this information in various reporting formats used by company executives to identify areas of the business where improvements can be made, such as product quality, marketing and customer care. By doing so, companies can more proactively and more quickly reduce churn, improve customer loyalty and create more profitable customer relationships and products.
Adoption of Clarabridge’s Content Mining Service—which securely delivers text analytics to enterprises via the Internet on a hosted, subscription basis—and enterprise-deployed Content Mining Platform has accelerated across a variety of industries including airlines, consumer packaged goods, entertainment, financial/insurance services, healthcare, hospitality, marketing services, retail and technology. Fortune 1000 companies including Gap, Gaylord Entertainment Company, H&R Block Digital Tax Solutions and Affiliates, Intuit, Lowe’s Companies, Marriott International, Oracle USA, Sage Software, TNS Custom Research, and United Airlines have deployed Clarabridge solutions in the past year.
“The support shown by our venture investors in this round of funding underscores the unprecedented traction and market response to our solution,” said Sid Banerjee, chief executive officer of Clarabridge. “This current investment round will enable us to continue to aggressively expand our business footprint within the customer experience management space. We have experienced strong, quarter-after-quarter growth in terms of both number of customers and revenue per customer as more companies are using our content mining solutions in more areas of their businesses.
Clarabridge provides customer experience management solutions to Fortune 1000 companies seeking to better understand their customers and improve loyalty. Through its award-winning text analytics technology, Clarabridge software turns text-based customer feedback from external and internal sources into valuable customer insight that business managers use to make service delivery, product, and marketing improvements. Clarabridge provides the industry’s first web-based text analytics solution with its Content Mining Service™ and its Content Mining Platform™ is the first text analytics solution built specifically for the business user. Clarabridge is headquartered in Reston, Virginia.