Grayhawk Capital leads round to boost innovation in standardized data structures and data governance for accelerated business decisions
Claravine, a leading technology platform that helps standardize, govern, and connect marketing data across every team, system, and channel, announced $5 million in Series A funding. The round, led by Grayhawk Capital with participation from Next Frontier Capital and Peninsula Ventures, brings the company’s total funding to $12.4 million. The new funding will help Claravine further build out product development and go-to-market strategies.
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Today, Claravine announces its $5M Series A to help further build out product development and go-to-market strategies.
“Many companies think you don’t need to focus on data standards upfront. Instead, they believe you can let someone else deal with the problem through aggregation or ETL,” said Verl Allen, CEO, Claravine. “However, to accelerate business decisions across an organization, fixing the data before it becomes a problem requires collaboration and coordination. With this funding, we want to ensure organizations across industries have the best solution at hand to address data governance from the start so they can focus their efforts and attention on how to better utilize the insights they gain from high quality data to enhance the customer experience.”
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Consumers expect personalized messaging and experiences. For this reason, marketing efforts must be consistent throughout all forms of engagement: from campaigns to communication efforts and beyond. With marketing communications constantly changing, marketers must be able to make quick and effective business decisions. Unfortunately, with the current approach, relying on manual, spreadsheet-driven processes, the ability to enforce data standards and naming conventions across content, campaigns, ads and experiences has become a major issue, leaving marketers with subpar data. According to Michele Goetz, Principal Analyst at Forrester, only 8% of companies are fully utilizing their existing data. As a result, experiences are suboptimal, productivity is wasted, and investments in marketing and advertising are held hostage to bad data, costing organizations time and money.
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