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June 26, 2012, 5:10 am UTC
Cross channel marketing intelligence software provider Visual IQ has received Series B funding of $12 million in funding from Boston-based Volition Capital and existing investor San Francisco-based Fog City Capital, according to a company statement.
The new funds will be used to fuel the company’s product innovation and sales growth. As a result of funding, partner Sean Cantwell and Managing Partner Roger Hurwitz of Volition Capital will join the Visual IQ Board of Directors.
Cantwell said in a company statement, “Visual IQ’s technology is solving a truly daunting problem facing marketers today: how to optimize an increasingly complex multi-channel marketing ecosystem. As a result, the company’s marketing attribution management solutions are already having a game-changing impact on the advertising industry. We firmly believe that the company’s strong financial performance, highly-proven management team, and sound product roadmap firmly position it for significant growth. We look forward to helping Visual IQ to the next level.
By unifying marketing data and results, Visual IQ intelligence platform provides organizations with a consolidated view of consumer behaviour and how various marketing channels influences their decisions. The information allows businesses to refine their marketing strategies and tactics to make the greatest impact with their audience.
Visual IQ currently manages over $5 billion in media spend on behalf of its clients, which include two of the top three national advertisers, as well as two of the top three agency holding groups.
Commenting about the funding, Manu Mathew, Co-founder and CEO, Visual IQ, said, “It is an exciting time of tremendous growth for Visual IQ. The increased number of channels used to market companies’ products coupled with the increased measurability of marketing performance have resulted in an exponential growth in marketing performance data, which has driven market demand for Visual IQ’s marketing attribution products. The partnership will be critical as we work to maintain our clear market leadership position and aspire to do even greater things in the years to come.”
Ravi Bhaskaran, principal of Fog City Capital, which first invested in Visual IQ in 2010, said, “We were early supporters of Visual IQ and continue to have tremendous confidence in their team, technology and vision. We have been delighted at their accomplishments and growth, and we expect this new investment to further propel the company’s on-going success."
The company was set up in 2007 with Boston, US, as the headquarters and over the last three years, it has bagged clients like AT&T, Microsoft, Cathay Pacific, Texas Instruments, Nortel, Xerox, Cable Vision, Liberty Mutual and Wachovia, among others. It started its Indian operations in 2008.
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