In a Series A funding round led by Google Ventures and SoftBank Capital, London-based software-as-a-service startup Yieldify picked up $11.5 million to fuel the growth of its predictive marketing technology.
The company announced the investment yesterday (June 25) on its blog, adding that the funding will allow Yieldify to continue “giving online marketers new methods of easily converting visitors.”
The SaaS company equips digital marketers with technology to predict the intentions of visitors across all devices, allowing brands to adapt accordingly by creating personalized campaigns quickly and effectively.
“Conversion optimization over the past 10 years had begun to stagnate,” Yieldify CEO Jay Radia said in the company release. “If you take an honest look at the legacy optimization tools, most of them are simply ‘following the follower.’ We believe that marketers are looking for a simpler way to achieve top-line growth from Day 1. What they are not looking for is yet another live-in platform to train their team on."
Yieldify works with more than 1,000 global brands and has reported annual revenues growing by 480 percent year on year from April 2014, the company said. As the eCommerce global industry continues to grow, companies like Yieldify may see an even bigger increase in the demand for predictive marketing solutions.
“By anticipating individual consumer journeys, Yieldify has proven its ability to increase conversions and generate revenue, across any channel,” added Joe Medved, partner at SoftBank Capital. “In doing so they bring incredible value for consumer marketers and, as we see companies increasingly prioritizing new strategies for conversion optimization, the value Yieldify will add is exponential.”
The two-year-old startup’s software relies on a combination of big data and behavioral science, sometimes called hyper personalization, Forbes reported. Hyper personalization allows websites to place visitors into specific categories, while becoming better in-tune to the ways shoppers are making purchases.
“Traditional customer abandonment solutions still haven’t cracked the code to retaining and converting online visitors on the Web and mobile,” said Avid Larizadeh Duggan, general partner at Google Ventures. “Yieldify takes a novel approach to converting visitors into customers, enabling marketers to adapt and better understand online customer intent.”
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