SaaS Startup Factors.AI Raises $2M in Seed Funding

The software-as-a-service (SaaS) startup Factors.AI has raised $2 million in seed funding, the company announced Monday (Aug. 30).

According to YourStory, the U.S. and Bengaluru-based company will use the funds to hire additional talent and continue establishing itself in its field.

Launched last March, Factors.AI uses its proprietary artificial intelligence (AI) engine to comb through customer data to find insights, helping its customers make better campaign decisions and improving the return on marketing investments.

“Working with and having deep conversations with 70+ B2B marketers helped us understand the key problem areas, validating the pain points and challenges in using generic marketing analytics and BI tools,” the company’s founders said in a statement.

“The feedback has helped us build the product roadmap and double down accordingly. Factors.AI has 30+ professionals working remotely and their vision is to create best in class, AI-powered, verticalized analytics products focused on B2B marketing.”

They added that the launch follows successful early access programs with a number of businesses, including Chargebee, Plivo, DesignCafe, LivSpace and YourStory, which switched to Factors.AI for their marketing analytics and attribution use cases.

Co-founders Praveen Das and Srikrishna Swaminathan were part of InMobi’s leadership team, while their fellow co-founder Aravind Murthy is an ex-Google engineer who also worked at Freshworks. The founders said their experience taught them how B2B growth marketing and buyer behavior are experiencing a dramatic shift.

The new funding round was co-led by Elevation Partners and Emergent Ventures and also saw contributions from several angel investors, including Naveen Tiwari, Abhay Singhal, Piyush Shah, Mohit Saxena, Amit Gupta of InMobi, Girish Mathrubootham, the founder of Freshworks, Krish Subramanian and Rajaraman Santhanam the co-founders of Chargebee, and Ramakant Sharma, founder of LivSpace.

Read more: Zebra Technologies Acquires Antuit.ai

The announcement arrived at the same time that another SaaS company, Antuit.ai, was acquired by Zebra Technologies. Antuit uses AI and machine learning algorithms to make sure its clients have the correct product “in the right place, at the right time, at the right price based on the current state of the supply chain, store inventory, and consumer demand.”