The product management platform, which is used by some of the world’s largest companies, like Kimberly-Clark, Cisco, and Fannie Mae, empowers enterprises to build great digital products
Craft.io, the all-in-one product management platform, announced an $8 million Series A funding round led by JAL Ventures, with participation from new investor Fosun RZ Capital, as well as existing investors Inimiti and Ron Zuckerman. The round, which brings Craft.io’s total funding to $14.5 million, will be used to expand its go-to-market operations and develop Machine Learning-driven decision tools for product management teams.
Every major company now needs to be a software company. Covid-19 accelerated enterprises’ development of digital tools for everything from managing supply chains, to mobile apps for customer engagement. At the heart of enterprises’ digital transformation are product managers, with Gartner predicting that 80% of organizations will embrace the product management model by 2023. Product managers play a pivotal role in defining what software tools to build, planning and prioritizing their development, communicating the requirements to stakeholders, and overseeing execution by development teams. The task is especially difficult within enterprise organizations that are already operating at scale.
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“For years, product management teams have lacked specialized, high-quality tools to help them do their jobs better, even as digital product managers have become increasingly pivotal in both tech and non-tech organizations,” said Elad Simon, CEO of Craft.io. “As a result, many enterprises are losing out on the immense value that skilled product managers can generate. This puts them at risk of being disrupted not only by innovative startups, but also by long-time competitors that better adapt to the digital world.”
Used by some of the world’s largest enterprises, including Kimberly-Clark, SAP, Danone and Cisco Systems, Craft.io’s comprehensive, user-friendly suite of tools encompasses all stages of product management, from discovery to development, keeping the wheels of the product life cycle in motion and storing all product data in one place. This helps product management teams bolster Product Intelligence and upskill on an ongoing basis. Additionally, it makes product data accessible to the entire organization, empowering business leaders to quickly and easily assess key product management metrics.
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“This latest investment will help us advance our mission of enabling every organization to embrace product management methodologies and reap the benefits. By empowering product managers with a unified platform for all of their work and data, and delivering insights at scale, we are providing a collaborative space where the entire company can rally around the goal of creating better software, faster — which is the lifeblood of every modern organization,” Simon added.
“Craft.io is at the forefront of a vital transformative process which affects the whole of the modern digital economy: providing the infrastructure to turn IT organizations into product management teams capable of making any enterprise a software powerhouse,” said Tal Shaked, General Partner at JAL Ventures. “Thanks to Craft.io, CIOs at any organization can offer product managers the personalized support they need, defining new standards for software creation within enterprises. We are excited to support the company and its team as they continue their impressive growth and broaden their technological development, building on their track record of bringing product data to life across the entire product management lifecycle.”