Lattice Engines, a provider of cloud-based big data applications for sales and marketing, has raised $20 million in Series C venture funding. The latest round was led by New Enterprise Associates (NEA) and previous investor Sequoia Capital. The company hopes to accelerate its growth and extend its product portfolio with the funding.
Headquartered in San Mateo, Lattice Engines provides online data sifting software to help sales representatives increase productivity. Lattice's big data platform, salesPRISM, applies predictive analytics to sales and marketing to provide insight into buyer intent. It combines information about customers and prospects from possible sources to identify patterns in customer behavior.
"By combining data from internal and external sources with high-powered predictive analytics, our customers can predict buyer intent at an individual level, converting big data into big sales. Our customers are asking us for a comprehensive platform that can address all their analytical needs related to sales and marketing,” says Shashi Upadhyay, CEO, Lattice Engines.
According to IDC, the market for big data technology and services is expected to grow from $3.2 billion in 2010 to $16.9 billion in 2015, a compound annual growth rate of 40 percent. For Updadhyay this market is very hot and is setting the standard for turning Big Data into actionable information.