New Delhi: PipeCandy, a sales intelligence start-up, has raised $1.1 million in seed funding from IDG Ventures India, Axilor Ventures, Emergent Ventures and Indian Angel Network, the company said on Wednesday.
PipeCandy tracks companies and discovers industry-specific insights that it offers to sales representatives targeting firms in retail and e-commerce. It counts Shyp, Cloudcherry, Freshdesk, Chargebee, Zarget and FarEye among its clients.
The Chennai-based start-up was founded in February 2015 by Shrikanth Jagannathan, Murali Vivekanandan and Ashwin Ramasamy.
“We track about 50 million companies and 110 million decision makers, who are typically above manager level. We do a combination of crawling for our own information and we also have data partners which give us the commodity data, for instance email ids and phone numbers. We buy that data also. On top of that we have a data science team which runs industry specific data science model. We are a data insight company,” said Ramasamy.
He said the fresh funds will be deployed to expand the data science team as well as venture into other categories such as healthcare and commercial real estate.
PipeCandy uses data science and proprietary algorithms to discover prospects for sales representatives and helps them segment the prospects based on nuances that are very specific their respective industries.
For example, a point of sale software company can discover retailers that have omni-channel presence and filter them based on the number of stock keeping units they sell, Ramasamy said.
“The PipeCandy platform offers a great proposition for customers by applying these technologies to outbound prospecting. Globally this is a very under penetrated space with only about 3% of the companies adopting technology to reach out in a structured manner. This is the opportunity that IDG is very excited about.” Ranjith Menon, executive director at IDG Ventures India said in a statement