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EverString, a big data startup that helps companies identify prospective sales leads and new clients though predictive analytics, has raised $12 million in a series A funding round. Lightspeed Venture Partners led the round, which also included existing investors Sequoia Capital and IDG Ventures.
While there are a host of marketing analytics services in the market like Silverpop and Eloqua that businesses use to aggregate numerous sales leads and find potential customers, EverString’s technology goes beyond whatever data is hosted internally within a company and branches out to the open web, explained EverString’s co-founder and CEO, Vincent Yang.
Current CRM or marketing analytics tools typically only contain information that remains static over time, like a person’s name or a company’s industry sector. With EverString plugged into a user’s current CRM tool, however, more nuanced and complex information can be added to each lead in the database.
As EverString’s custom-built information retrieval system gleans the internet to discover possible relationships between the in-house leads and data available in public databases, it’s machine learning algorithms help it figure out what leads could be more important to a business than others. Yang likens EverString to the marketing automation equivalent of a Nest thermostat, which manages a person’s home temperature based on outside conditions as well as a person’s preferred environmental settings.
“The whole idea for us is to aggregate all the first-person data like ‘Who purchased what?’ and link that to the worldwide web,” said Yang.
Using EverString, customers can potentially tap into data in which there are multiple variables, like whether or not a company has a CFO and if they do not have one, will the company be looking to make a hire. Additionally, the data EverString gathers can lead a user to figure out whether or not a company in its database may have started to embrace the cloud when it hasn’t before, said Everstring president J.J. Kardwell.
“Knowing that moment when the change occurs is very valuable,” said Kardwell.
Post and thumbnail images courtesy of Thinkstock user Jakub Jirsak