Networked Insights today announced that it raised $30 million in growth capital, in a round led by Sands Light Capital and the Cherng Family Trust. The company, which provides analytics and audience targeting tools for marketers and agencies, will use the funding to continue to expand its deep learning and artificial intelligence capabilities, fuel international expansion, drive new partnerships and acquisitions, and continue scaling its marketing and sales operations.
Networked Insights has raised $80 million to date, with continued investment in this round from Goldman Sachs, American Family Ventures, 4490 Ventures, Kegonsa Seed Fund and additional private investors.The company’s customers include over 200 leading consumer brands and their agencies, including the world’s largest media buying agency GroupM.
“We are pleased to bring on additional strategic investors who have strong entrepreneurial backgrounds as founders to help us develop into our next growth phase. As global leaders in the CPG industry, they provide a deep understanding of how to use customer data strategically, which will help us develop products that are more immediately useful to consumer brands,” said Networked Insights CEO Dan Neely.
According to Networked Insights research and internal data, only about 1% of what customers care about in their online conversations revolves around brands, yet marketers typically spend about ¾ of their budgets trying to influence those conversations.
For that reason, marketers wasted upwards of $347B in 2016 on marketing that simply isn’t relevant to their core audience. Instead of focusing on what people buy, click on, or watch, Networked Insights helps brands and agencies gain a holistic view of people’s lives, so they can develop campaigns that are genuinely relevant to consumers and far more effective.
“Networked Insights is solving a very big and expensive problem for brands and agencies, and we believe their technology represents a major step forward for consumer brands, who we believe will continue to shift their budgets towards more targeted and relevant campaigns using AI. We’re excited to support them as they continue to build an exciting growth company,” said Abid Rizvi, CEO of Sands Light Capital.
The company will launch several new applications in 2017 based off of its rapidly evolving platform Kairos, which uses artificial intelligence to infer deeper meaning from massive volumes of public online conversations, without requiring the use of costly, labor-intensive traditional market research.
“10 years ago, we started a journey by training machines to start answering questions that were impossible to answer via any other method. From there the intelligence has evolved into a single system for understanding what’s relevant to a person’s life – from predicting what movies they like, to who they might vote for, to which spokesperson might resonate with them. This investment will help us take another leap forward with that intelligence, allowing us to bring several powerful new AI products to market this year,” says Neely.
About Networked Insights
Networked Insights is transforming the way marketers connect with people. Our SaaS analytics platform Kairos uses artificial intelligence and machine learning to understand what is relevant to people, so that brands and agencies can find their ideal audience, understand what content they care about, and target them with the right media. Learn more about us online at www.networkedinsights.com.
Richard Sharp, VP of Marketing