Palo Alto, Calif.-based Infer, a provider of predictive business applications that help companies win more customers, has raised $25 million in Series B funding. Redpoint Ventures led the round.
PALO ALTO, Calif.–(BUSINESS WIRE)–Infer Inc., a leading provider of predictive applications that help companies win more customers, today announced a $25 million Series B funding round led by inside investor Redpoint Ventures, bringing the company’s total financing to $35 million. Infer will use the funds to aggressively accelerate its mission of bringing predictive analytics to all types of sales and marketing organizations. Since the company’s launch just eighteen months ago, it has signed an impressive roster of enterprise customers – including AdRoll, Cloudera, New Relic, Optimizely, SurveyMonkey, Xactly and Zenefits – and grown revenue bookings 150 percent quarter over quarter.
“We’ve sparked a data revolution that goes way beyond lead scoring. Our predictive platform is helping enterprises achieve the same consumer-grade data intelligence as companies like Google and Amazon, and delivering big wins for our customers – like 4X conversion rates and 3X deal sizes,” said Vik Singh, co-founder and CEO of Infer. “Given our growth and leadership in the market, we were very fortunate to receive considerable VC interest from both outside and inside investors. We couldn’t be happier to further align Infer with a great partner like Redpoint so we can help every company out there drive its next phase of growth.”
Predictive-as-a-Service Democratizes Data Science
Demand for predictive intelligence is exploding as today’s businesses struggle to interpret vast quantities of information about their customers and what motivates them. It is nearly impossible for most businesspeople to extract useful insights from these signals because they are dispersed amongst incompatible systems such as Salesforce, Marketo and Google Analytics, as well as unstructured sources from the web. Few companies have the resources or expertise to mine their data and apply analytics that uncover actionable forecasts such as which potential customers will buy their products, and when. Infer has solved this problem with repeatable solutions that produce accurate, data-based customer predictions, which help companies achieve significant lifts in sales win rates, marketing lead conversions, average deal sizes, recurring revenues and customer satisfaction.
“One of the biggest challenges facing businesses today is the lack of reliable data for building revenue engines and driving growth – an obstacle Infer completely eliminates. We’re extremely bullish on our investment because Infer is selling right into the path of revenue, and its customers are ecstatic about the results they’re seeing,” said Satish Dharmaraj, partner at Redpoint Ventures. “Infer’s leadership team is stacked with impressive talent, like CRO Jim Herbold, who ran sales at Box for seven years, and former Salesforce VP and eleven-year veteran, Jamie Grenney. In addition, Vik and the other founders have attracted an A+ engineering and product team that’s second to none, and they’re building models that consistently outperform Infer’s competition time and time again.”
Infer Unlocks Revenue with State-of-the-Art Predictive Analytics
AdRoll is just one example of a hyper-growth business that is leveraging Infer to supercharge revenue. Via Infer, the company analyzes thousands of relevant internal and external signals every day to pinpoint which prospects are worth doubling down on. “The insight we’ve gained with Infer has helped us align our marketing and sales efforts around the activities that deliver the most material impact, providing us a distinct advantage,” said Suresh Khanna, chief revenue officer at AdRoll. “With Infer’s instant, accurate predictions, we’re able to focus our time on those prospects that will become long term, high value customers for our powerful ad retargeting platform.”
Infer’s predictive-as-a-service solutions first determine if someone is a fit to buy a certain product, and its state-of-the-art behavioral models then predict how likely that prospect is to make a purchase in the next fourteen days. While businesses have unlocked enormous value by using Infer to better filter and prioritize their leads, the company has extended its platform beyond lead scoring to deliver far-reaching predictive applications for sales and marketing. Many companies now utilize Infer to optimize marketing campaigns, improve outbound sales, create intelligent lead routing, design sales service level agreements, and shape strategic planning.
Infer delivers this accurate insight by gathering thousands of external data points about a business’ customers and prospects, and joining that intelligence with more signals and snapshots of time from marketing automation and CRM systems than any other vendor. With advanced machine learning and deep data science, as well as pre-built connectors for Salesforce, Marketo, Eloqua and Pardot, Infer creates personalized models for each of its customers.
Since its launch, the company has hired several top caliber engineers, and filled key business positions such as chief revenue officer, vice president of marketing and customer success managers. With today’s financing, Infer will be able to further capitalize on the massive opportunity for predictive marketing and sales by speeding its innovation around new applications, aggressively ramping up hiring across all functions, increasing sales and marketing efforts, and expanding Infer’s go-to-market reach to several new industries and geographies.
Founded in 2010, Infer delivers predictive business applications that help companies win more customers. It leverages proven data science to rapidly model the untapped data sitting in enterprises, along with thousands of external signals from the web. Customers include several large businesses and numerous high-growth companies like AdRoll, Cloudera, New Relic, Nitro, SurveyMonkey, Tableau, Xactly and Zendesk. Headquartered in Palo Alto, California, Infer is funded by leading investors, including Redpoint Ventures, Andreessen Horowitz, Social+Capital Partnership, Sutter Hill Ventures and Nexus Venture Partners.