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Lattice Engines Receives $20 Million in Series C Funding
Big data company, Lattice Engines recently raised $20 million in Series C venture funding as led by New Enterprise Associates (NEA), while Sequoia Capital (News - Alert), an existing investor, also participated in the round. The money is to be used to accelerate the company's growth and extend its leadership in providing cloud-based big data applications for sales and marketing.
Lattice's big data platform, salesPRISM, brings the power of predictive analytics to sales and marketing in an attempt to predict buyer intent. salesPRISM does this through the combination of customer and prospect information from sources both internal and external. The software then finds patterns in customer behavior, aiding sales and marketing teams with this information in real time. According to Lattice's figures, organizations using salesPRISM have increased their pipelines by upwards of 75 percent, while tripling conversion rates for prospecting and doubling cross-sell rates.
"Lattice has found a sweet spot of Big Data by applying it to what's front and center in every business: sales growth," said Pete Sonsini, general partner at NEA. "It's evident in the company's rapid ascent, customer success and ability to draw top talent. We are delighted to partner with the company and look forward to helping them define the standard for Big Data applications."
NEA is among the world's largest venture capital firms and has been at the forefront of industry transformations via investments in companies like Box (News - Alert) and salesforce.com. As part of the firm's investment in Lattice, Sonsini will join the company's board of directors.
Lattice recently posted its financial figures for the third quarter of 2012, reporting a revenue increase of 7.3 percent to $2.73 million compared to $2.55 million for the same period last year. Meanwhile, net loss decreased 88.5 percent to $0.11 million.
In September, the company signed a multiyear agreement with LexisNexis Legal & Professional. This agreement will see LexisNexis (News - Alert) enhance salesPRISM with access to the latest relevant information on customers and prospects, including executive and financial news, product introductions and competitor activity.
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Edited by Brooke Neuman