Customer Analytics Technologies Inc., owner of SaaS-based Customer Experience Management platform CloudCherry announced today that it has raised their Series A Funding of $6M from Vertex Ventures, Cisco Investments and IDG Ventures India. This capital infusion will be used for CloudCherry’s global expansion, with a strong focus on the US, South East Asia and the Middle East. CloudCherry’s CEM platform is enjoying tremendous success in Asia already, with many leading brands using the platform to understand Customer Experience today. The product is also seeing exciting early wins in the North American markets and is set to welcome many more soon.
CloudCherry was founded by Vinod Muthukrishnan, Vijay R Lakshmanan, Prem K Viswanath and Nagendra CL, with the support of angels Prof. Sriram Subramanian (late), Dr. Bala V Balachandran and Hariharan B. CloudCherry provides an industry-leading Omni-channel, SAAS based Customer Experience Management (CEM) platform that helps brands track, measure and improve Customer Experience and Delight. Currently, CloudCherry works with brands in various sectors like BFSI, Retail, e-Commerce, Healthcare, Manufacturing and Hospitality. Some of the company’s clients include prominent brands like World of Titan, HDFC Bank, Central, Voonik, Caratlane and several others.
Vinod Muthukrishnan, Co-founder & CEO of CloudCherry said “We’re delighted to receive our Series A funding from globally recognized investors like Vertex Ventures, and a leading corporate investor like Cisco Investments who recognize the massive potential in the space of Customer Experience, and what our product offers. And of course, it’s great to have IDG Ventures India, who have played a tremendous role in getting us to where we are today. With this funding and their support, we are many steps closer to making our presence globally and becoming the name synonymous with Customer Experience!”
Ben Mathias, Managing Director and India Head of Vertex Ventures said “We believe the next generation of global SaaS companies will be built out of India. CloudCherry is one such company that has been able to leverage India’s deep technology talent to build and sell products in a global market. Vinod, Vijay, Prem and Nagendra have done a tremendous job in building a solution that is driving significant ROI for many customers across the world.”
“When IDG Ventures first met CloudCherry, we knew that the potential they had was tremendous. And in no time, they’ve really made a mark in the market, not just in India but across several countries, with a product that we’ve seen growing leaps & bounds almost every day. In this round, global expansion is the focus, and with CX becoming an everyday topic of discussion in every organization, the timing can’t be any better. Wishing the team an amazing run ahead” Said TC Meenakshi Sundaram, Founder & Managing Director of IDG Ventures India.
CloudCherry is a real-time, Omni-channel Customer Experience Management (CEM) platform that helps customer-facing brands track, measure & improve Customer Delight – which results in increased loyalty & profitability. CloudCherry CEM platform is a customizable, easy-to-use SaaS product, using which brands can measure key metrics, gain actionable insights, address issues as they happen and give brands a CX One View of their customers across their entire journey with them. The CloudCherry brand is owned by Customer Analytics Technologies Inc., based in Pleasanton, CA, with offices in Singapore, Bengaluru & Chennai.
About VERTEX Ventures
Vertex is a leading global venture capital group supporting entrepreneurs to transform their innovative ideas into world-class businesses. With cumulative committed capital in excess of $2.5 billion, Vertex invests in early-stage IT and healthcare opportunities in China, Silicon Valley, India, Israel, and South East Asia. Since 1988, Vertex is honored to have partnered with the founder of global leaders such as Waze, 91, Grab, IGG, CyberArk, Reebonz, SolarEdge, Force10, FirstCry, Yatra and Changba. Vertex Ventures SEA is one of the pillars of the Vertex Group’s network of Funds focusing on early stage opportunities in the Information Technology sector in SEA and India.
About IDG Ventures India
IDG Ventures India is a leading technology venture capital fund in India. The fund is part of IDG Ventures, a global network of technology venture funds with over $4 billion under management with over 220 investee companies and 10 offices across Asia and North America. IDG Ventures has been an early investor in digital consumer companies such as Netscape, BabyCenter, Baidu, Ctrip, Sohu, Tencent, DangDang, Vancl and VinaGame. In India, IDG Ventures has invested in leading digital consumer companies such as Flipkart, Myntra, Yatra.com, Brainbees (FirstCry.com), Lenskart, Vserv Digital, and Actoserba (Zivame.com).
- KEY HIGHLIGHTS TO NOTE
- Largest series A for a SAAS start up this year, marking a changing trend from the “funding winter” & validating India SAAS startups being funded in spite of slowdown
- One of the key Angel investors includes Girish Mathrubootham of Freshdesk
- Capillary Technologies is also one of the investors