Funds Will Be Used to Accelerate Growth and Further Expand Predictive Capabilities
CloudCherry, the Customer Experience Management (CEM) platform that combines customer journey mapping, out-of-the-box integrations, and predictive analytics to provide unparalleled speed-to-insight, announced they have raised $9 million in Series A funding. The investment is led by Pelion Venture Partners with additional funds coming from existing investors: Cisco Investments, Vertex Ventures and IDG Ventures India. Donald Tucker, Head of Collaboration Corporate Development and Venture Investments at Cisco, and Brett Wingo, Senior Vice President, CX Platforms at Cisco, will both join the CloudCherry Board of Directors as Observers.
CloudCherry’s revenue has more than tripled over the past twelve months. The company has added to its customer roster global iconic brands such as Puma, Cisco, DBS Bank and Petronas; and has gained deep mid-market traction in the credit union segment with customer wins such as Clearview and Solarity.
In an economy where customer experience trumps price and product, the CloudCherry platform helps these organizations exceed customer expectations and deliver business outcomes through its three pillars of customer experience:
- Measuring the Customer Journey: Understanding the customer experience through a continuous collection of moments across their journey.
- Gaining a 360o of the Customer: Bringing disparate data together to enable actionable insights, proactive support and advanced marketing automation.
- Becoming Predictive: Understanding predictively how changes to the customer experience will affect outcomes and impact financial metrics.
“Great companies combine visionary products that solve difficult problems; a strong, execution-focused management team; and a culture that attracts brilliant, passionate people determined to succeed and change the world for the better,” said Chris Cooper, Partner at Pelion Venture Partners. “In CloudCherry, we believe we’ve found this perfect storm and are excited to work with Vinod and his team to create the next global Customer Experience (CX) market leader.”
“In less than two years, we’ve taken market share from older, established players; drawn attention and coverage from the leading analyst firms; and have established partnerships with industry behemoths including Microsoft and Nielsen,” added Vinod Muthukrishnan, Founder and CEO at CloudCherry. “We are excited to have a partner like Pelion who share our values, match our passion, and provide the know-how and network to help us accelerate our next phase of growth.”
CloudCherry will use the capital to build on its early successes and aggressively grow its North American Sales and Marketing teams, build out its go-to-market capabilities, and expand its technological lead through a laser focus on Data Sciences for CX.
According to Julian Poulter, research director at Gartner, “The Customer Experience Relationship Management market grew 15.5% to $42.14 billion, the largest software market tracked by Gartner, with SaaS’s agility and flexibility being big drivers.” Pratima Amonkar, Regional Director – Cloud Solution Partners at Microsoft added: “Our partnership with CloudCherry seeks to deliver value to our enterprise customers and help transform businesses. With a truly innovative approach to customer experience management, CloudCherry’s platform provides business outcomes across industries. By leveraging intelligent Azure Cognitive Services, the CloudCherry solution delivers predictive analytics that has impactful results.”