Segment raises $64M to free brands’ customer data
The numerous channels through which companies engage customers nowadays provide a tremendous amount of information about their buying preferences. But marketing personnel often struggle to take full advantage of the data since it’s typically spread out between disparate systems, a problem that Segment Inc. has set out to solve.
The startup’s efforts are supported by $64 million in newly raised funding from a consortium led by the Y Combinator Continuity Fund and Alphabet Inc.’s GV. Several of the contributors to Segment’s previous rounds, including Accel, took the opportunity to invest as well. The cash infusion comes not long after the number of companies using its namesake cloud service passed 15,000.
Segment’s platforms lets firms collect user data from a variety of mediums and send them to their data-crunching system of choice for centralized analysis. An online retailer, for example, could check how the click-through rate of a mobile advertising campaign shapes up against earlier promotions that targeted PC users. The data can also be correlated with sales records in such scenarios to measure the revenue impact.
Segment claims its platform has equally powerful uses outside the marketing department. Companies can among other purposes use activity data collected from their customer-facing services to improve support operations, for example by creating a knowledge base to address frequently recurring issues.
Today’s round could help Segment further extend its capabilities. Peter Reinhardt, the startup’s chief executive, wrote in a blog post that several product launches are planned for later this year. The official funding announcement meanwhile suggested that the development effort will place a particular focus on large enterprises, which account for a growing part of the Segment user base. Among the big names using its platform are Thomson Reuters Corp., Gap Inc. and accounting software giant Intuit Inc.
Segment has raised $109 million in funding to date.
Image: Segment
Since you’re here …
… We’d like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.
If you like the reporting, video interviews and other ad-free content here, please take a moment to check out a sample of the video content supported by our sponsors, tweet your support, and keep coming back to SiliconANGLE.