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Customer data analysis startup Pyxis One today announced that it raised $17 million in series B funding, bringing its total raised to date to $24 million. The company says it plans to use the funds to support the growth of its data science team, continue to advance its AI models, and further expand into the U.S. market.
According to a recent Forbes survey, it still takes marketers too much time — three to five days — to analyze and draw conclusions about the success of a marketing campaign. Exacerbating the challenge is the rise in customer’s expectations that occurred during the pandemic. Sixty percent of customers now expect more from their digital experiences, Experian reports.
Burlingame, California-based Pyxis One, which launched in 2018, builds AI software infrastructure to support marketing and business campaigns in the ecommerce, financial services, retail, automotive, consumer packaged goods, and agtech segments. The customer intelligence platform spotlights market trends and uses the learnings to optimize sales outreach.
“What began as a … cross-industry platform today serves a dozen different categories,” founder and CEO Shubham Mishra told VentureBeat via email. “With over 10 million data points analyzed every day, our fleet of 20 AI models has overcome the cold-start problems for even the industries that had little-to-no data. This comes from processing chunks of public domain data using innovative techniques to generate learnings at the brand as well as industry level.”
Customer data analytics
Customer intelligence is the process of collecting and analyzing customer interaction data to improve buyer experiences through personalization. It includes the use of technologies like feedback management, social media monitoring, and natural language processing as well as other analytics and data management technologies.
Enterprises are increasingly investing in customer intelligence and customer data platforms as the pandemic drives business digital. In a Twilio Segment survey, 73% say that a customer data platform will be critical to their customer experience efforts. Another report found that 40% of organizations aim to increase data-driven marketing budgets and that 64% of executives consider these strategies vital in today’s economy.
Mishra said that since Pyxis’s last funding round, the company has launched over 40 integrations across customer service management, analytics, social and advertising platforms, and creative platforms. The goal is to create a “common workbench” that allows faster and more efficient data ingestion across teams, he said, particularly marketing and sales operations.
“What this means is that verticals can easily adopt AI without doing the whole overhauling, or worse — working across different platforms that increase downtime,” Mishra said. “With this, our customers have reported about a 25% average increase in their team’s efficiency.”
Pyxis claims to have more than 3,000 users across over 50 enterprise customers, including companies like HelloFresh, CoverWallet, and Betabrand. By the end of the year, the startup plans to grow its workforce from 80 employees to more than 100.
“Believe it or not, the pandemic has proved to be a tailwind for our business. With customers shifting their budgets online, our business has picked up significantly in the U.S. market — including a lot of new incoming leads,” Mishra said.
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