Digital CRM firm Vizury announced last week a new round of fundraising it gained worth $16 million. With help from new financial backers Intel Capital (News - Alert) and Ascent Capital and existing investors Nokia Growth Partners and Inventus Capital Partners, the amount gained in this Series C round has raised Vizury's total fundraising effort to $27 million.
The engineers behind the Vizury brand started their advertisment retargeting business in 2009. They began their venture with an influx of capital from the backers listed above and from Ojas Ventures. The main idea behind their business model was to allow Web retailers to track online users' unfinished purchases through browser cookies and use targeted ads that entice them into completing their purchases.
Their official product, MobiConvert, was launched last year. It includes both mobile app and Web retargeting capabilities that work in both iOS and Android (News - Alert) environments as well as on the desktop. Now, Vizury is looking to expand its operations in existing markets and possibly seek out operations in the U.S. Chetan Kulkarni, co-founder and CEO of Vizury, spoke about that proposition in the company's latest announcement.
"The funds will be used to drive product innovation on our mobile and cross-channel propositions and to scale operations in existing markets, especially in China, Japan, LATAM, Middle East and Korea,” Kulkarni said. “We are also evaluating our options of entering the U.S. market."
Big data analytics drives the efficacy of the MobiConvert application. Vizury owns a data platform that processes greater than 30 terabytes of data every day. This data includes information related to the purchasing intent of more than 500 million individuals, and those individuals rack up total possible spending in the tens of billions of dollars.
Emerging initially in India, the company has since grown and entered the markets listed above with obvious intentions to expand. Its recent announcement says that Vizury is one of the fastest growing Asian tech companies, and with a current 400 percent compound annual growth rate (CAGR) and a revenue retention rate greater than 190 percent, it is not hard to see why it has such a strong financial backing. Visury shows no signs of slowing.