California and Bengaluru-based marketing cloud platform MoEngage Inc. has raised $9 million in a Series B round of funding led by new investors Matrix Partners and Ventureast, the startup said in a statement.
Bengaluru, 04 Dec, 2018. RedNewswire/-
MoEngage Inc.,founded by Raviteja Dodda and Yashwanth Kumar, helps companies organize campaigns across channels like push notifications, email, in-app messaging, web push and SMS powered by machine learning.
Companies such as Samsung, Deutsche Telekom, Hearst, Vodafone, Prudential, McAfee, Tokopedia and Airtel-Wynk among others are some of its clients. MoEngage claims to analyse over 250 million users and 20 billion transactions in a month.
Existing investors Helion Venture Partners and Exfinity Ventures have also participated in the round.
MoEngage will utilise the fresh capital to expand global presence, strengthen its data science capabilities and roll-out its integrated marketing technology stack for enterprise clients with user engagement, analytics, and personalisation products, the company said.
Raviteja Dodda, Founder & CEO, MoEngage said, “The funding comes at a time when we are looking to establish category leadership in Asia, grow our presence in North America & Europe and enhance our widely recognized AI Engine Sherpa. The unprecedented growth in mobile interactions & messaging coupled with heightened customer expectations has created an engagement gap for many brands. At MoEngage, we’ve built an enterprise solution for brands to deliver personalized engagement at any touchpoint, powered by machine learning and it is great to see the validation from all quarters including customers, analysts, and investors”
“Using a mobile-first approach, MoEngage’s AI personalization engine uses real time campaign optimization helping it’s clients stay ahead in a hyper-competitive world. Over the last 18 months, the team has shown strong growth in international markets…” said Tarun Davda, partner and managing director at Matrix Partners India.
“VenturEast invests in companies that are leading the revolution in adopting deep-tech like Big Data, ML and AI to solve unique problems. MoEngage’s AI/ML-based innovations enable hyper-personalization at required scale and reliability; MoEngage also has several industry-first innovations to their credit disrupting the traditional marketing cloud offerings,” said Srikanth Sundararajan, General Partner, VenturEast.
In September 2015, it had raised $4.25 million in a Series A funding round led by Helion Venture Partners. Exfinity Ventures, Snapdeal co-founders Kunal Bahl and Rohit Bansal, and TaxiForSure co-founder Raghunandan G had also participated in that round.
In December 2016, the company had raised an undisclosed amount from former Snapdeal product head Anand Chandrasekaran. Till date, it has raised $15.8 million over three funding rounds.