Software maker TrendKite raises millions from investors, hires CEO
Jun 13, 2014
American Business Journal
TrendKite Inc., an Austin-based analytics software maker, raised $3.2 million in Series A funding led by Mercury Fund and Silverton Partners, the company announced Wednesday.
The company plans to use these funds to hire talent, expand its sales team and invest in its big-data processing infrastructure. It's also introducing an enhanced feature set for its cloud-based platform.
It raised $1.2 million in a seed round last fall, bringing its total funding to date to at least $4.4 million. Mercury Fund and Silverton Partners are both Austin-based venture capital firms focused on early-stage businesses. The company declines to disclose the other investors who participated in this round of financing.
TrendKite also announced its new CEO, Erik Huddleston, who was previously executive vice president of product and chief technology officer of social performance software at Austin-based Dachis Group Inc., which was acquired by New York-based Sprinklr in February. TrendKite founder and former CEO Matt Allison is now chief product officer.
“This round of funding will allow TrendKite to bring a radically different approach to media monitoring, measurement and reporting,” Huddleston said in a statement.
TrendKite received seed funding from several angel investors including DreamIt Ventures, GameFly founder Sean Spector, Inovalon founder Ray Walheim, BlackLocus founder Rodrigo Carvalho and OtherInbox founder and Capital Factory chief Josh Baer, the company said. The company, founded in 2012, uses big data analytics to help companies realize market opportunities by understanding the return on investment for their marketing and communications spending.