RedPoint Global, a Wellesley Hills, Massachusetts-based startup developing marketing software for business-to-consumer companies, today announced that it’s secured $13.5 million in an investment round led by Camden Partners, with participation from existing investors. It brings the company’s war chest to nearly $40 million following three previous raises totaling $23.7 million, which cofounder and CEO Dale Renner said would accelerate expansion and deepen strategic partnerships.
“Over the past three decades, it’s been a personal mission of mine to help brands improve the experiences they deliver to their customers,” said Renner in a statement. “At RedPoint, we are well-equipped to tackle this mission head-on. In a sea of technology claiming real-time and omnichannel engagement, we are the only software provider offering leading brands an enterprise-wide single point of control over data, decisions and interactions. RedPoint is now even more prepared to meet rising market demand and help brands close the gap between customer expectations and experience.”
RedPoint’s platform — which is actively used by brands like GoDaddy, Xanterra, Keurig, and Dr Pepper — collates both first- and third-party customer data in real time. It fields batch, streaming, internal, external structured, and unstructured data even from high-volume streaming sources, reducing manual data prep by up to 80%. And by leveraging matching algorithms and hundreds of API connectors, it’s able to create an up-to-date record of customers maintained with a persistent key.
As for RedPoint’s complementary AI Studio, it provides a library of AI algorithms enabling automation and guided personalization. Those models are optimized with techniques entailing the narrowing down of algorithms based on business objectives, pursuant to their performance. The models are then used to score customers and deliver dynamic flows with next-best-actions based on needs, preferences, and likely intent.
The last product in RedPoint’s suite — Customer Engagement Hub — helps to personalize moments of interaction with data integration, analysis, and orchestration. It accounts for context to serve the most relevant offers or messages in any given customer channel. On the marketing and sales team side of the equation, it presents customer data in a readable format that doesn’t require data science knowledge to comprehend.
The way chief research officer at The Relevancy Group Nicholas Einstein explains it, RedPoint’s solutions address the roughly 73% of customers who say brands struggle to meet their expectations for a personalized experience. They’re evidently fairly effective — RedPoint reports that one national retailer reduced campaign creation cycle time by more than 75%.
“As businesses have access to more customer data than ever before, they are faced with a huge challenge and opportunity,” said Einstein. “Brands have made attempts at using data to personalize and improve the customer experience, but most are unable to view the data holistically, access it in real time, or take meaningful action on it. RedPoint Global is capitalizing on this pressing market need, offering data-first, open garden solutions that help innovative brands small and large deliver top-notch customer experiences.”