Infer bags $10 Million in First Round of Funding
Date: Sunday , May 05, 2013
Infer Inc., the company which delivers cloud based solutions received $10 million in Series A funding in a deal led by Redpoint Ventures and joined by Andreessen Horowitz, Social+Capital Partnership, Sutter Hill Ventures, and angel investors.
Infer will use its first round of funding to grow its existing team of engineers and scientists as well as to gain more customers base. In addition, Satish Dharmaraj of Redpoint Ventures will join the company's board of directors.
The company which was founded in 2010, delivers data-powered business applications on the cloud. The company's products mine the historical customer records sitting in companies' sales and marketing databases, pull in hundreds of valuable signals from untapped web sources, and build statistical models that accurately identify customers with the highest propensity to buy. Infer unravels revenue driving insights for its clients, enabling them to prioritize their flow of leads, focus on their best prospects, and ultimately win more customers in less time.
"When my co-founders and I set out to create Infer, we were shocked by how poorly even the biggest, most innovative companies manage and act on their own internal data – especially given the amazing advances we have seen in the data science used for the consumer web," says Vik Singh, Co-Founder and CEO, Infer Inc. Singh believes that there is more intelligent work going on in the Facebook news feed than there is in the enterprise where critical decisions need to be made and people’s jobs are on the line. With Infer, Singh intends to bring the product thinking and data intelligence of the consumer space to the enterprise.