CloudCherry, a customer experience management (CEM) platform, has raised $9 million in Series A funding. CloudCherry sells software that gives businesses insight into pain points that impact customer retention and satisfaction.
Pelion Venture Partners led the round with participation from previous investors including Cisco Investments, Vertex Ventures, and IDG Ventures India. This round brings the company’s known aggregate funding to $16 million since its launch in 2014, according to Crunchbase.
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Co-Founder and CEO of CloudCherry Vinod Muthukrishnan told Crunchbase News that he became interested in CEM around the time that e-commerce was entering India.
“I found that tons of e-commerce sites came, many of them offering discounts that you were essentially being paid to buy products,” Muthukrishnan said, adding that despite those efforts Amazon was still dominating the e-commerce market at the time.
“I tried to go back and find out what it was particularly about the Amazon experience that got me to work with them, and I couldn’t identify just one thing,” he explained. Muthukrishnan concluded that the entire customer experience journey–from order to delivery–was Amazon’s distinct advantage, and he decided to apply that to his future work with CloudCherry.
To help brands understand their customer’s journey, CloudCherry’s products engage directly with customers through surveys, email, in-app chat, and SMS. The company emphasizes engaging with customers at relevant parts of their purchasing journeys, on their preferred channels, and in real time. The CloudCherry platform also allows enterprises to view customer behavior and aggregated data that is collected through API integration, CRM systems, social, email, and other channels. Further, the software leverages that data to produce predictive analytics that can anticipate the financial effects of changes in strategies like marketing and design.
CloudCherry currently serves customers in the banking, credit union, B2B, financial services, and retail industries, and has struck partnerships with large enterprises including Cisco, Microsoft, Puma, and DBS Bank.
With its new funding, the company plans to focus its efforts on marketing and branding, refining its current products with a focus on predictive analytics, and large market partnerships.
CloudCherry’s North American headquarters are located in Salt Lake City, Utah, and the company also has offices in the Middle East and Asia. The company has plans to double its current North American headcount of 16 within the next year, and Muthukrishnan believes that Utah is the perfect place to do that.The local Universities churn out unbelievably good talent, and that talent does not want to leave Utah. Click To Tweet
“The local Universities churn out unbelievably good talent, and that talent does not want to leave Utah,” he said. “It is going to be a very significant startup hub in the coming decade.”