Crayon Data has received SGD 1.5 million in funding. Jungle Ventures led the round with participation from SPRING SEEDS Capital. Based in Singapore, Crayon Data is a big data startup.
Crayon Data Pte Ltd, a Singapore-based Big-Data start-up, announced that Jungle Ventures, a Singapore-based venture capital firm, has led a SGD 1.5 million investment in the firm, alongside support from SPRING SEEDS Capital. This latest investment brings the total amount of investment raised to SGD 5.5 million. This funding follows on the heels of investment by several well-known angels and business leaders like Meng Wong (co-founder of the Joyful Frog Digital Incubator), William Bissell (Managing Director of FabIndia), Ernest Pomerantz (Chairman of Stonewater Capital), Cheah Kim Lean and Chong Wah (founders of Acorn Market Research) and Ravi Thakran (Managing Partner of LVMH Southeast Asia).
Crayon Data was started by enterprise analytics veteran, Suresh Shankar (founder of RedPill Solutions, acquired by IBM in 2009), and digital marketing guru Srikant Sastri (founder of Solutions Digitas and Team4U, acquired by Publicis and Randstad respectively), to help traditional enterprises tap into the power of Amazon-like analytics.
Crayon Data co- founder, Suresh Shankar said “Businesses and customers are experiencing the ‘Paradox of More’ – where more is becoming less. Customers have more channels, more devices, more influences and more choices than ever before. Ironically, they also have less time to navigate choices and are less confident and satisfied with their decisions. We started Crayon Data with the vision of helping businesses simplify choices for their customers which will lead to increased engagement, satisfaction and a more robust bottom line.”
Speaking on the investment, Srikant Sastri, co-founder of Crayon Data said, ”We are very excited to have such prominent investors support our vision of becoming a category defining big data company. Jungle for one, has a great record of helping teams achieve their goals and they bring a wealth of experience in the US, Asia-Pacific and India that complements Crayon’s current footprint and network.”
Anurag Srivastava, Co-Founder and Managing Partner Jungle Ventures added ”I believe that what Crayon Data has set out to do is cutting edge. Their SimplerChoicesTM play, and one that is already helping traditional enterprises like banks, retailers, telcos, hotels etc. offer more effective choices for their consumers, while changing the way they use big data. I am honoured to join the board of a company that is going to make a difference.”
The investment from Jungle and SPRING comes on the heels of the company becoming the only big data company from Asia to be a finalist at the CODE_n contest for digital innovation, which will take place between March 10 and 14, 2014 at CeBIT, the world’s largest IT fair in Hanover, Germany.
Suresh Shankar concluded “I’ve always believed that an Asian-born company could do great things. I am delighted that Crayon Data, a Singapore-based company and our SimplerChoices platform is getting recognition in the hot space of big data, which is dominated by giants.”
About Crayon Data:
Crayon Data is a big data startup, founded with a vision to simplify big data.
One of the fastest growing companies in the big data landscape, Crayon Data has built a big data platform that vastly expands data sets beyond enterprise data.
This platform helps enterprises connect their internal data with the unstructured data outside, including digital and social media.
By connecting multi-dimensional data, the platform provides richer and more intelligent data-led decisions to its clients.
Crayon Data has its headquarters in Singapore and development centres in Singapore and Chennai.
Consumers today are inundated with choices. Increasingly, this is complicating rather than solving problems.
Simplifying choice has shown to have dramatic results.
Crayon Data intends to do this by bringing Amazon and Netflix-like algorithmic power to traditional and digital enterprises that are not able to tap the power of external data today, through its SimplerChoicesTM
SimplerChoicesTM (technology providers, financial services and payments companies, online and e-commerce players…) that seek to delight their customers and increase revenues.
The foundation of Crayon’s SimplerChoicesTM
Business Interest Graph (B2B).
targets B2C players (hotels, banks, retailers, telcos) and B2B companies
This is supported by a technology that is cutting edge, and covers the recent advances in collaborative filtering, graph mining, affinity analysis, taste fabric & trust, topic modelling, context discovery and prediction models.
Crayon has developed front-end applications that delivers the analytics algos into a simple UI, to address various enterprise scenarios – from a personal choice guide (that enterprises can offer to their customers), to pricing, channel and sales optimisers (that they can use for internal decisions).
About Jungle Ventures
Jungle Ventures is a Singapore based, entrepreneur backed venture firm that funds and helps start-ups scale across Asia Pacific.
Jungle works hand in hand with entrepreneurs through a strong advisor and principal network made up primarily of founders and specialist operating partners who can uniquely help start-up teams with the information and resources they need to grow their ideas and business.
Current investments include financial services comparison platform iMoney, mobile commerce app ShopSpot, micro-lending platform Milaap, social payments platform fastacash, digital media platform ebus (acquired by IMD Group) and vacations rental site Travelmob (acquired by Homeaway).
Jungle invests in global start-ups that are solving problems relevant to Asia Pacific markets and has investments in US, Singapore, India, Australia, Thailand, Malaysia, and the Philippines.
About Spring Seeds Capital (SSC)
SPRING SEEDS Capital, an investment arm of SPRING Singapore, co-invests with independent investor(s) into commercially viable Singapore-based start-ups with innovative and strong intellectual content that are scalable across international markets.
It currently manages three funds under its portfolio – SPRING Start-up Enterprise Development Scheme (SPRING SEEDS), Business Angel Scheme (BAS) and the Sector-Specific Accelerator (SSA).