Digital Experience Platform Raydiant Raises $13 Million Series A Co-Led by 8VC and Atomic with Backing from Mark Wahlberg
The post-pandemic world requires businesses to engage with customers and distributed workforces in new ways
Raydiant, the leading digital signage and experience platform provider, announced that it has closed $13 Million in Series A financing co-led by 8VC and Atomic. The new capital, which brings the company’s total funding to $20M, will be used to invest in product development and expand Raydiant’s go-to-market team. New service offerings will focus on bridging the gap between offline and online experiences and increasing productivity. Joining the round is American actor, producer, and businessman Mark Wahlberg, along with Delta Zulu, Gaingels and BN Capital by Lerer Hippeau.
Raydiant was founded in 2017 to create connected experiences for brick-and-mortar businesses of any size, from small cafes to global enterprises, with its cloud-based digital signage technology. By plugging in a Raydiant ScreenRay into any HDMI-equipped TV, businesses can create messages for in-store customers ranging from check-in procedures, sales and promotions to live video support, photos and social media feeds. Raydiant’s customers see an average revenue increase of 12% along with more repeat customers, and stronger brand loyalty. The pandemic significantly accelerated Raydiant’s growth as retailers and restaurants used Raydiant to provide information about safety protocols, new store hours and takeout options. The brands who survive and thrive in the years ahead will be those who focus on serving these consumers and use in-location experiences as a competitive advantage.
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Over 2,500 companies have chosen Raydiant to drive sales, boost revenue, and maximize the customer experience, including Harvard University, T-Mobile, Wahlburgers, Rockford Fosgate, First Bank, Rockford Housing Authority, Clark’s Pest Control, The Hanover Company, Orkin, The Salvation Army, Pita Pit, and Werqwise.
“I continue to be impressed by Raydiant’s ability to innovate and improve the customer experience during these challenging times. I’m excited to be part of the company’s next phase of growth,” said Mark Wahlberg, Raydiant advisor and investor.
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“Our goal has always been to help our customers adapt to the rapidly changing needs of their customers,” said Bobby Marhamat, CEO, Raydiant. “The impact of COVID on brick-and-mortar locations across every industry, and in the workplace, has made Raydiant’s digital experience platform a critical advantage to help our customers drive sales, boost revenue, and increase workplace productivity. We are grateful to our investors and partners who share our vision of transforming how the world connects through one-of-a-kind interactive experiences.”
“Raydiant was a natural next investment for us. Its numerous service offerings continue to create unmatched value and drive revenue for brick-and-mortar brands unlike any current DXP on the market, said Drew Oetting, Partner, 8VC. “In recent months, we’ve seen a rapid increase in demand for innovative solutions for recreating the face-to-face customer experience virtually. Although many exciting startups have popped up, Raydiant truly leads the pack in terms of innovation and ROI.”
“We believe Raydiant is doing for screens what Cisco and Meraki did for networking hardware,” said Jack Abraham, Atomic Managing Partner. “Raydiant transforms any display screen, TV, or tablet into a connected interactive experience and is being quickly adopted with brick and mortar stores and in the workplace. The company has experienced significant growth over the past year and with a $101B market opportunity, this is only the beginning of what Raydiant can accomplish.”
Raydiant has hit significant milestones in 2020, including more than tripling its revenue and increasing its customer base by 60%. In 2020, Raydiant partnered with XITE, to bring music videos to brick-and-mortar businesses, with Hoopla to provide customers with engaging performance management dashboards to home offices, announced the release of its proprietary LTE solution, powered by T-Mobile, introduced its Kiosk offering, an interactive tool for driving customer engagement, and launched an awards series to celebrate small business resilience in the midst of COVID-19. Most recently, Raydiant partnered with Microsoft to develop a virtual tool called SecondScreen that gives teams the same face-to-face communication they would get in the office.
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