Lattice Engines raises $20 million to advance buyer intent analytics
San Mateo, Calif.-based Lattice Engines raised $20 million in Series C venture funding this week to help it accelerate its growth in providing cloud-based big data applications for sales and marketing organizations.
The company's big data platform, salesPRISM, applies predictive analytics to determine buyer intent and help sales and marketing teams match their effort in real time. The company claims its users have increased their pipelines by up to 75 percent, tripled their conversion rates for prospecting and doubled their cross-sell rates at existing customers.
Lattice Engine users include Adobe, ADP, Cox Communications, Dell, Staples and SunTrust. The platform is also integrated with all major CRM systems including Microsoft (NASDAQ: MSFT) Dynamics, Oracle (NASDAQ: ORCL), Salesforce and SAP.
Shashi Upadhyay, CEO of Lattice, said the era of big data has arrived for sales and marketing.
The round was led by New Enterprise Associates. Existing investor Sequoia Capital also participated in the round. NEA has invested in companies like Box, salesforce.com, SugarCRM and Workday. Peter Sonsini, a general partner at NEA, will join the Lattice Board of Directors.
Over the last year, Lattice has grown organically and through acquisitions. As a result, it has doubled its enterprise customer base and acquired a Beijing-based big data and analytics company, as well as its data scientists.
Earlier this month, Lattice was named to Deloitte's 2012 Technology Fast 500. The annual ranking recognizes the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America and is based on percentage of revenue growth from fiscal year 2007–2011.
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