Infer Inc. takes the year’s second quarter by storm as they have recently acquired an impressive total of $10 million worth in Series A funding. This particular round was led by Redpoint Ventures. In participation as well were angel investors, Social+Capital Partnership, and Andreessen Horowitz. Sutter Hill Ventures also made an investment.
The company’s CEO, Mr. Vik Singh, shares more about this recent funding in this e-interview with Lead411:
Who are your competitors and how are you different from them?
We’re not seeing any companies doing quite what we do at Infer, which is embed sophisticated data science in easy-to-use business applications that help companies accurately predict and act on their highest potential customers.
We look at the landscape in a few different buckets – old-school BI, providing very general infrastructure that requires in-house statisticians; data vendors, providing useful information to companies but not able to offer predictive tools to help them leverage the data; and early stage companies that are generating leads lists. Unlike these companies, Infer is building on our background in data-driven consumer companies like Google to develop applications that optimize actual decision points in business’ customer processes in order to drive topline results.
What percentage of your marketing budget are spent on the following?
As a private company, we do not disclose these specific percentages.
What marketing tactic has given you the highest ROI? What percentage ROI do you get back on this?
Instead of spending money on traditional marketing tactics, we put all of our effort into making our customers successful. This has really paid off since it turns out that sales and marketing professionals love to share new ideas and important innovations through their peer networks. In this way, our happy customers have spread the word about Infer, which has allowed us to generate terrific growth largely through references.
What do you plan to spend your new funding on? Product development? Marketing?
We’ll use our Series A funding to grow our team of engineers and scientists, as well as to deliver and apply our solution to more companies and customer intelligence problems. We’re excited about that because it’s clear that now is the time for companies to move beyond automating marketing processes and start taking full advantage of the data they are collecting. We’ve seen amazing initial success with our early customers, and we’re at the right juncture to expand our team and product so we can penetrate the market.
If this is your first round of financing and you’re the CEO, how many hours did you put into working on getting your financing? Was that taking up the most of your day?
We were fortunate that the sophistication of the technology we have developed combined with our customer success led to a lot of interest from funders. So in the scope of things, securing the funding was not a big challenge.
If you are the CEO, what are your biggest challenges?
The value we have been able to provide our customers to this point has led to strong demand for what we offer. As CEO, my job is to make sure that we scale up to meet the demand while maintaining our laser focus on customer success.
We also know that the approach we have pioneered – sophisticated statistical modeling over both customer data and data that we source and mine from the web, wrapped in simple to consume applications – has far reaching implications. I need to guide us on a journey to realize those possibilities.
How many employees do you have?
We’re right around 10 employees now, and with our new Series A funding we expect to ramp up our engineering team quickly.
When were you founded?
Infer was founded in 2010, and after more than two years of extensive product development and customer testing, we just came out of stealth mode last month.
How much did you revenue increase (if any) this year over last year?
As a private company, we do not disclose revenue figures. That said, we became profitable just two months after we began selling our product last year and we’re excited about our current opportunity to invest more in key areas and grow the company.
Want to know more about their recent funding? You can read more about it on this news release here.