CLARABRIDGE SECURES $4.33 MILLION IN FUNDING
May 7, 2010 00:00 AM
Clarabridge, Inc., the leading provider of text and sentiment analytics software implemented by many Fortune 1000 companies to improve customer experience management (CEM), today announced it has secured $4.33 million in a mixed securities offering from existing investors plus Sanju Bansal, COO of MicroStrategy, who joined the board in late 2009.
This interim round of funding, raised from existing investors, will be used to make strategic investments in key areas of the company in order to continue its strong growth path. By making calculated expansions in sales, support and technology, Clarabridge will further its goal of providing innovative solutions for listening to the voice of the customer, and addressing real world problems that companies face today.
“Clarabridge solutions are so critical because they enable a fundamental tenet of 21st century business — that to survive and thrive, an organization must make strategic investments to actively listen to and act on customer sentiments and feedback,” said Sid Banerjee, chief executive officer of Clarabridge. “Demand for our solutions continues to grow from customers and partners, and this additional funding lets us continue to pursue aggressive growth in our sales and marketing, technology enhancement, and partner development functions.”
Adoption of Clarabridge’s Enterprise solution—which securely delivers text analytics to enterprises either as a standalone software product or via the Internet in a SaaS, subscription basis—has accelerated across a variety of industries including automotive, airlines, consumer packaged goods, entertainment, financial/insurance services, healthcare, hospitality, market research, retail and technology.
“Clarabridge is strategically positioned to take advantage of what we believe is the beginning of a dramatic upswing in demand for text analytics solutions,” said Don Rainey, Clarabridge board member and general partner Grotech Ventures. “We believe this is driven by the renewed understanding that companies must listen to the voice of customer if they want to remain competitive. The influx of capital received will be used to fortify Clarabridge’s lead in the space and continue the creation of innovative products and services.”
Clarabridge recently added the industry’s first self service offering with Clarabridge Self Service. Developed for market research firms, smaller organizations and ad hoc projects for departmental use, Clarabridge Self Service significantly reduces the burden they face in processing text-based data. Users can upload and analyze text-based emails, open-ended comments from surveys, transcripts, social media content, and any other textual data sources via a fully self service online portal.
Clarabridge is the leading provider of text and sentiment analytics software for customer experience management. Clarabridge provides Global 1000 enterprises with the ability to automatically collect, classify, apply sentiment analysis, and report on text-based verbatims found in voice of the customer feedback channels. The result is improved marketing, product/service offerings, operations and customer service. Clarabridge customers include AOL, B/E Aerospace, Capital One, Choice Hotels, Expedia, Gaylord Hotels, H&R Block, Intuit, Marriott International, QVC, Inc., Sage North America, United Airlines, Walmart, Walgreens, and Wendys International. Clarabridge is privately held with headquarters in Reston, Va. For more information, visit www.clarabridge.com.