AI-powered customer experience management (CXM) platform Sprinklr has raised $200 million at a $2.7 billion valuation from private equity firm Hellman & Friedman. The company has secured an additional $150 million in convertible securities from Sixth Street Growth.
Global internet use has surged by up to 70% during the pandemic, according to some figures, with ecommerce seeing significant growth as virus-wary consumers hunker down at home. The shift toward online shopping means businesses need to monitor and manage communications with customers through myriad channels — which is where Sprinklr comes in.
Founded in 2009, New York-based Sprinklr allows companies to plug themselves into public conversations across dozens of social platforms, including websites and messaging apps, to derive structured and meaningful insights from unstructured customer data. Using what Sprinklr refers to as “AI listening processing,” the platform breaks down the data by elements like sentiment and location to figure out what people think about a company or its products and glean specific audience insights, such as why a product is selling better in London than San Francisco.
Brands can also use Sprinklr to compare sentiment and benchmark themselves against competitors.
More broadly, Sprinklr can be used for all manner of customer engagement activities across sales, research, and marketing, including identifying content that resonates most with customers so it can be reused in other social channels or markets. The company has also launched a bunch of new features over the past year, including live chat for brands’ websites and apps and AI-powered smart responses for customer service agents.
Sprinklr had previously raised around $228 million from some notable backers, including Intel Capital. With another $350 million in the bank, Sprinklr is well-positioned to nab an even greater piece of the estimated $6.5 billion CXM market and add to its existing roster of clients, which includes Microsoft, Samsung, Verizon, Comcast, and McDonald’s.
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