Predictive analytics startup Framed Data has raised $2 million in new seed funding, just months after adding features that predict when a mobile app’s user will be willing to pay for premium services or make in-app purchases, TechCrunch reported on Thursday (Dec. 11).
Investors in the round include Google Ventures, Innovation Works, Jotter, NYU Innovation Fund, Alexis Ohanian, Charlie Pinto, Garry Tan, Kevin Mahaffey, Klaus von Sayn-Wittgenstein, Paul Buchheit, Sean Byrnes, and an AngelList syndicate led by Sumon Sadhu. The new money will be used to hire engineers with experience in distributed systems, machine learning or data visualization, as well as grow Framed Data’s sales team, the company said.
The 2013 startup claims it now has more than 600 customers that send a total of 2 billion events for Framed Data to process each month. Those events are run through machine-learning models to generate predictions about user behavior. But as recently as last February, those predictions were limited to when and users were about to leave an app.
“Since then, we’ve also expanded our product to predict users who are likely to upsell or pay for a premium service,” said CEO Thomson Nguyen. “We’ve found through a lot of customer conversations that their sales and marketing teams are very interested in identifying high probability sales prospects and our new product reflects that.”
Framed Data’s growth strategy is to target customers that don’t have their own data scientists, as well as find other software-as-a-service companies that are currently using analytics services but need more specific insights from data for their businesses.