The investment by Pelion Partners seeks to grow business in North America and Southeast Asian markets and strengthen data science capabilities
SaaS company CloudCherry Analytics have raised USD 9 million in the second round of Series A funding from venture capital firm Pelion Venture Partners. As per the terms of the investment deal, CloudCherry will be using the funds to grow their business in North American and Southeast Asian markets and strengthen their data science capabilities.
CloudCherry say that markets in Southeast Asia and North America depend on the cloud, advanced analytics, machine learning and deep learning to crunch billions of unstructured customer feedback across a range of channels in real-time. They say that this allows enterprises to understand customer behaviour and build better customer experiences.
By raising USD 9 million from Pelion Venture, CloudCherry believe that they will allow enterprises to drive multi-level hierarchy for customer feedback classification. They also say that enterprises can derive detailed themes to understand customer brand experiences and leverage them to build better cloud-based products.
According to market evangelists, the customer experience management market is projected to grow to USD 16.91 billion by 2022, at a CAGR of 23.1%.