Lattice Engines, a provider of cloud-based big data applications for sales and marketing, has raised $20 million in venture funding. This latest round, led by New Enterprise Associates (NEA) and existing investor Sequoia Capital, will help the company accelerate its growth and extend its product portfolio.
Lattice's big data platform, salesPRISM, applies predictive analytics to sales and marketing to provide insight into buyer intent. It combines information about customers and prospects from all possible sources, internal and external, to identify patterns in customer behavior.
"The era of big data has arrived for sales and marketing," said Shashi Upadhyay, CEO of Lattice Engines, in a statement. "By combining data from internal and external sources with high-powered predictive analytics, our customers can predict buyer intent at an individual level, converting big data into big sales. Our customers are asking us for a comprehensive platform that can address all their analytical needs related to sales and marketing."
Organizations using salesPRISM have increased their pipeline by up to 75 percent, tripled their conversion rates for prospecting, and doubled their cross-sell rates at existing customers, according to the company.
"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, in the statement. "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."
"I've never met a sales rep who didn't want to sell more next quarter, and with Lattice they finally get the information they need to find and engage their next customer," said Mickey Arabelovic, a partner at Sequoia Capital, in the statement. "Some of the largest sales forces in the world are generating huge increases in productivity because Lattice is setting the standard for turning big data into actionable information."
According to IDC, the market for big data technology and services is expected to grow from $3.2 billion in 2010 to $16.9 billion in 2015, a compound annual growth rate of 40 percent.
More than 50,000 sales and marketing professionals in more than 25 countries at companies including Adobe, ADP, Cox Communications, Dell, Staples, and SunTrust already rely on salesPRISM to help their sales and marketing teams increase their productivity. salesPRISM is integrated with all major CRM systems, including Microsoft Dynamics, Oracle, Salesforce.com, and SAP.