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Converseon raises $5M to make sense of social data using AI
Social media has become a treasure trove of information for a wide range of businesses, but before they can get any value out of all that data, they have to find a way to make sense of it. New York-based startup Converseon Inc. believes that its artificial intelligence platform is the key to understanding social data, and today the company announced that it has closed a $5 million funding round to expand its business.
The Series A round came from a group of undisclosed private investors, and it brings Converseon’s total funding to date to $7.5 million. Founded all the way back in 2008, Converseon is not new to the social data game, but it has only recently started shifting its focus to software as a service and AI. According to the company, its Convey.AI platform makes it easy for companies to sift through their social data to discover valuable insights on where they should invest their resources.
“The demand for our technology and insights solutions is growing rapidly as the market matures beyond basic standard social listening initiatives and is seeking solutions that can meet the deepest requirements of their organizations,” Conversion founder and Chief Executive Rob Key said in a statement. “Convey.AI helps transition social intelligence from reactive and descriptive to predictive and prescriptive and can help unify social and voice of customer intelligence initiatives.”
Key said Converseon’s new funding will allow the company to continue expanding its focus on its SaaS product, and it will also help Converseon scale up its business and move into new markets.
Converseon is far from the only startup looking to put AI into the hands of marketers, and investors seem to be interested in the idea, especially when it comes to advertising. For example, New York-based startup Spotad raised $3.5 million for its mobile ad platform, which uses AI to help marketers predict ad performance. In June, another AI startup called Quantifi raised $2.3 million for a similar platform, which lets brands test their ads before they actually launch them.
Photo: kin.lane integrated microchip via photopin (license)
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