BENGALURU: Social media analytics startup, Circus Social, on Friday said that the company has raised $1 million as a part of its pre-Series A round led by Inflection Point Ventures.
Other marquee investors including—Ganesh Mohan, head of strategy, Bajaj Finserv; Samit Shetty, chief executive officer, Navi FinServe Pvt. Ltd; Royston Tay and Kwok Yang Bin, co-founders of Zopim; and Srinivasan Venkita Padmanabhan, president of Olam Group, also participated as a part of this fundraise.
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The Singapore and Bengaluru-based startup helps brands and businesses get actionable business insights from social and digital data in real time through deploying big data, artificial intelligence (AI) and machine learning (ML) algorithms.
Circus Social plans to use the funds to accelerate its growth in other geographies, strengthen its sales, engineering and data sciences teams and scale new revenue streams.
“Over 4 billion people are active on social media globally, collectively generating a massive amount of conversations, engagement and activity every day. Our AI powered social listening and analytics platform uses big data architecture and AI/ML algorithms to empower companies with comprehensive data and actionable insights in real time,” said Ram Bhamidi, co-founder and chief executive of Circus Social.
Circus Social’s software-as-a-service platform for enterprises tracks all available data points and distils them into signals for their clients, empowering companies with real data in real time.
At present, the startup has clients across multiple industries in over 15 countries in the Asia Pacific.
“Circus Social already has an enviable list of clients in Asia and this investment will help them strengthen their core teams and accelerate their growth. Brands want to know what their customers want and give it to them in real-time. Plain vanilla social marketing is passé. Circus Social’s founding teams’ understanding of AI and its use in social listening has proven its mettle,” said Mitesh Shah, co-founder, Inflection Point Ventures.
With 4.8 billion internet users, and over 3.96 billion social media users globally, roughly 51% of the world’s population is on social media. An average user is on nine social platforms, making the market size and need for big data analytics products extremely huge, according to company executives.