The battle to uncover the endless stream of telemetry from the advertising world is heating up. Improvado just announced a $22 million series A round to help develop its data analytics tool aimed at marketers. It offers a tool to gather data across a range of sources and turn it into dashboards that deliver concise reports. This is designed to help users understand what marketing channel is really delivering.
According to Rajeev Goel, the founder and CEO of PubMatic, who is also an investor in Improvado, advertisers are unable to understand their ROI across a variety of marketing platforms. Improvados technology serves an important function and addresses an important market opportunity.
The marketing world has certainly failed to provide solutions in this regard. Some rely directly on data scientists who develop standard tools that often depend, in some ways, on open-source languages like Python or R. These are often taught in schools and universities, partly because of their low-cost and open nature.
These are now being eclipsed by low-code or no-code options that are intended to capitalize on the growing desire for data mining. Unlike RapidMiner, Knime, Datarama, and Talend, these are just a few of the companies that support this growing demand. They are now being used both to data scientists who value the simplicity and to non-coders who can work with the simplified user interface.
Marketing insights: A changing landscape
Companies have been developing software that is purpose-built for understanding of marketing data. These are sometimes sold under the acronym CDP, for a customer data platform. The market is still expanding as businesses try to identify the appropriate combination of capabilities and connectivity to gain deeper marketing insights. Bloomreach, Klaviyo, Emarsys, and Segment are some of these leaders.
Improvado wants to make it distinct by providing more information than these platforms, focusing on marketing and marketing expenditures.
Customer Data Platforms are often used by B2C [business-to-consumer] companies, according to Daniel Kravtsov, the CEO of Improvado. We go beyond customer data because we integrate marketing budgets with the amount of money you spend.
Improvado will offer several approaches to deal with different sales strategies. A B2B group may choose to give credit to the last ad seen just before the sales closed.
The software they are developing is meant to be more of a platform than a hub. Improvado is integrated with over 300 data sources from several marketing platforms. The results are collected, syncized, and analyzed before being transported to a reporting or visualization tool such as Tableau, Looker, or Google Data Studio.
We can ingest your data into any data warehouse and we support every data transformation in SQL. Karvtsov has explained that we are open data platforms that can connect to any BI tool and work with any data warehouse.
The price of the new service will be based on how much data the platform collects and synchronizes. It will also have a customization team dedicated to assisting new customers with their data flows. There are a number of important steps that can be handled directly by the marketing team without much assistance from developers.
According to Waleed Noury, an Improvado customer, Improvado provided us with a simple solution to a complicated issue. I have not seen any other platform that is as simple as Improvado. The initial setup for all of our media platforms took less than an hour. The remaining configuration of reports from those API connections took a week. We now depend on Improvado for various dashboards that we use for daily marketing and strategy, as well as for presentations to executive leaders.
A happy ending and new beginnings
On the same day that Kravtsovs first child, a daughter, was born, the CEO of Improvados signed the paperwork for the company''s series A round. He married his wife, who helped with some of the structure for corporate financing, and went into labor and signed the final paperwork in between contractions.
The series A round, led by Updata Partners, has followed a seed round led by BlueKai, LiveRamp, and PubMatic.