We are excited to announce our new Series A investment in EverString (www.everstring.com)! CEO and co-founder Vincent Yang, a mathematician by training, had built a system while he was at Summit Partners, a private equity firm, to comb the Web looking for investment opportunities. At EverString, he took his thinking to an entirely new level. He has assembled a crack team of experts in natural language processing, text mining, machine learning, computational optimization, and unstructured data analytics to do something essential for any B2B enterprise: generate demand.
EverString does this by first building a proprietary database that continuously crawls to collect and analyze over 10,000 variables on millions of individual businesses from company websites, announcements, industry data, and other public and proprietary data sources. This is BIG DATA! The team developed unique natural language processing and text mining capabilities which are keys to building this database. The system then ingests historical sales lead and conversion data and other data resident in a customer’s CRM system; analyzes this data against the proprietary database using machine learning capabilities; and generates a predictive model. This model then is used to:
- Maximize the value of leads by micro-segmenting them and identifying the most likely to convert. Typical conversion rate boost > 50%.
- Generate new leads with a high probability of conversion.
- Identify the best upsell/cross sell prospects.
- Provide analytic insights on what characteristics represent the best customer prospects, enabling the fine tuning of marketing activities.
We love businesses like EverString that take complex technologies that are out of reach for most companies and create incredibly impactful, easy to consume products and services. Enterprises that use EverString gain a fundamental edge over their competition in building revenue and market share.
EverString hits on one of the major themes that Lightspeed has been seeking out investments in. We first invested in Big Data infrastructure companies such as Hadoop (MapR) and Cassandra (DataStax). This infrastructure, together with other advances in processor power, in-memory data storage (Fusion-io, Nutanix, Nimble), and data analytics methodologies in turn enable a next generation set of Big Data application companies. We have been actively making investments in this overall theme in companies such as Numerify (cloud-based analytical apps for IT operations), BloomReach (Big Data marketing applications), and ThoughtSpot (data search).
We are looking forward to helping EverString in their quest to disrupt the world of B2B demand generation.