Lattice Engines said Monday it has raised $20 million in Series C funding led by New Enterprise Associates. Sequoia Capital, an existing investor, also participated. San Mateo, Calif.-based Lattice Engines provides cloud-based Big Data applications for sales and marketing.
Lattice Engines announced today that it has raised $20 million in Series C venture funding led by New Enterprise Associates (NEA). Existing investor Sequoia Capital also participated in the round. The investment will help the pioneer in Big Data for Sales accelerate its growth and extend its leadership in providing cloud-based Big Data applications for sales and marketing.
Lattice’s Big Data platform, salesPRISM, applies the power of predictive analytics to sales and marketing to predict the previously unpredictable: buyer intent. By combining information about customers and prospects from all possible sources, internal and external, and finding patterns in customer behavior, salesPRISM helps sales and marketing teams match their effort to opportunity in real time. Organizations using salesPRISM have increased their pipeline by up to 75 percent, tripled their conversion rates for prospecting and doubled their cross-sell rates at existing customers.
According to IDC, the market for Big Data technology and services is expected to grow from $3.2 billion in 2010 to $16.9 billion in 2015, a compound annual growth rate (CAGR) of 40 percent or about seven times that of the overall information and communications technology (ICT) market.
More than 50,000 sales and marketing professionals in over 25 countries at companies including Adobe, ADP, Cox Communications, Dell, Staples and SunTrust already rely on salesPRISM for helping their sales and marketing teams increase their productivity. salesPRISM is integrated with all major CRM systems including Microsoft Dynamics, Oracle, Salesforce and SAP.
Comments on the News
· “The era of Big Data has arrived for sales and marketing,” said Shashi Upadhyay, CEO of Lattice. “By combining data from internal and external sources with high powered predictive analytics, our customers can predict buyer intent at an individual level, converting Big Data into big sales. Our customers are asking us for a comprehensive platform that can address all their analytical needs related to sales and marketing.”
· “Lattice has found a sweet spot of Big Data by applying it to what’s front and center in every business: sales growth,” said Pete Sonsini, general partner at NEA. “It’s evident in the company’s rapid ascent, customer success and ability to draw top talent. We are delighted to partner with the company and look forward to helping them define the standard for Big Data applications.”
· “I’ve never met a sales rep who didn’t want to sell more next quarter, and with Lattice they finally get the information they need to find and engage their next customer,” said Mickey Arabelovic, partner, Sequoia Capital. ”Some of the largest sales forces in the world are generating huge increases in productivity because Lattice is setting the standard for turning Big Data into actionable information.”
NEA, one of the world’s largest venture capital firms, has been at the leading edge of industry transformations in the enterprise market through investments in companies like Box, salesforce.com, SugarCRM and Workday. Pete Sonsini, a general partner at NEA, will join the Lattice Board of Directors.
Big Data for Sales Momentum
In the past year, Lattice has accelerated its growth organically and through acquisitions. As a result, it has:
· Doubled its enterprise customer base;
· Delivered product innovations, including most recently, salesPRISM 6.2;
· Acquired a Beijing-based Big Data and analytics company to expand internationally, deliver technological innovations and add to its unique talent pool of data scientists;
· Won numerous accolades, including: The AlwaysOn 2012 OnDemand 100 Top Private Companies, 2012 CRM Rising Star, Stevie Award for Most Innovative Technology Company of the Year, and the Deloitte Technology Fast 500.
· Video demo of Lattice salesPRISM
· Big Data for Sales ebook
· Videos of customer success
· Lattice is hiring! Visit our website to view opportunities to join our growing team
About Lattice Engines
Lattice is revolutionizing sales and marketing through the power of Big Data. The company’s Big Data for Sales platform, salesPRISM, delivers real-time, predictive and actionable insight to sales and marketing professionals wherever they are so they can engage the most receptive customers in the most compelling ways. Fortune 500 companies such as ADP, Dell, EMC and SunTrust rely on Lattice to generate 75 percent more pipeline, triple conversion rates, and double win rates. Lattice is privately held and backed by NEA and Sequoia Capital with headquarters in San Mateo, CA. Learn more at www.lattice-engines.com and follow @Lattice_Engines.