Predictive analytics startup Framed intends to help lots and lots of cloud-based software companies look out for customers who are about to take their business elsewhere. Founder and chief executive Thomson Nguyen says Framed has racked up more than 600 customers, but that’s not nearly enough to satisfy him. So the startup has taken on $2 million in seed funding.
The money will help Framed bring on account managers who can focus on bringing and keeping more business. That’s a bit meta, but it’s real. Growth is essential in the already crowded predictive analytics market. Competitors include Frontleaf, Preact, and Totango. And companies like SAP have come out with predictive analytics tools as well.
But Nguyen wants to keep Framed simple.
“We’re trying to create a standalone SaaS [software as a service],” he told VentureBeat in an interview.
For now the eight-person San Francisco startup is chasing business from software and gaming companies. But Framed could well expand its reach, Nguyen said. Still, cloud software is becoming more popular, which means Framed could be in a great spot right where it is now.
With Framed, you can upload data sets, train models, and then get figures about probability for specific metrics — such as likelihood to purchase in seven days — as well as charts.
Framed already integrates with Mixpanel, Flurry, Amplitude, and Amazon Web Services’ Redshift data warehouse. Next, Nguyen wants to come out with support for the Hadoop open source distributed file system for storing lots of different kinds of data.
Google Ventures, Innovation Works, Jotter, and NYU Innovation Fund all participated in the round. So did angels like Alexis Ohanian, Charlie Pinto, Garry Tan, Kevin Mahaffey, Klaus von Sayn-Wittgenstein, Paul Buchheit, and Sean Byrnes. An AngelList syndicate led by Sumon Sadhu also joined in.