Anametrix Inc. is using a cash infusion to hire dozens of local employees over the next year, with a goal of making San Diego a hub for analytics technology.
The cloud-based digital analytics platform scored a $4.4 million Series A funding round from San Diego-based TVC Capital, a growth equity fund focused on investing in and buying companies in the software space.
Clients, which include online newspapers to car companies, use the platform to collect, analyze and make sense out of data across all channels in real time to enable marketers to discover new information about customers, prospects and the market at large.
The investment signals the first time TVC Capital tapped into its new $75 million Fund II. Anametrix, founded in 2010, is run by former WebSideStory execs who have a longstanding local relationship with TVC.
WebSideStory was a pioneer in the Web analytics space when it got started in 1996, and rival Omniture bought it 12 years later for $394 million.
When the Anametrix team sat in on the same San Diego Venture Group meeting with familiar TVC execs in July, an investment deal soon followed.
“We started talking about where we were with our customers and they expressed interest in finding out more. It was a relatively new and fast-track conversation,” said Pelin Thorogood, chief marketing officer of Anamatrix, who held the same position at WebSideStory.
Anametrix will use the money to scale sales and marketing efforts to exploit the increasing market demand for digital analytics.
Its platform helps chief marketing officers and marketers demonstrate and increase their return on marketing investment (ROMI).
Clients include a U.S. automaker, home fitness program Beachbody and UC San Diego Health System, which is using the service to boost its business to patient and business-to-business marketing efforts.
Its technology claims to improve campaign effectiveness, increase customer retention, expand lifetime value, uncover new revenue opportunities and trace traffic back to social media efforts.
Anametrix's new hires will primarily be in San Diego and consist of account executives, sales engineers, product marketing and content marketing managers, analysts and development engineers.
The company is negotiating for more space in its Sorrento Valley headquarters to house its growing staff.
Steve Hamerslag, co-founder and managing partner of TVC Capital, will join the Anametrix board of directors. It's predicted that the growing marketing technology sector will cause the chief marketing officer to spend more on IT than the chief information officer by 2017, according to data from tech research firm Gartner.
A company in TVC's portfolio, Seattle-based Mercent Corp., is now piloting Anametrix to aggregate and analyze multiple commerce-related data sources.
Mercent helps large brand name retailers like 1-800-Flowers, the Home Shopping Network and L'Occitane USA reach and convert online shoppers.
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