Marketing platform startup Adverity raises $12.4M in round led by Felix Capital
Marketers get a lot of incoming information from the data they have to deal with, bound up in hundreds of spreadsheets and reports, making it time-consuming and tricky to get value out of it. Tech companies like Datorama and Funnel.io have appeared to try to lighten this load.
Adverity is a data intelligence platform also playing in this space by applying AI to produce actionable insights in real time.
Founded in 2015, it’s a cloud-agnostic SaaS platform compatible with Amazon, Google and Microsoft that provides data to destinations such as SQL databases, Snowflake, AWS Redshift, SAP HANA. Its business model is based on yearly subscription fees.
It has now closed an €11 million ($12.4 million) Series B funding round, bringing the total amount raised to date to €15 million ($17 million). The investment is led by London-based Felix Capital, with participation from Silicon Valley’s Sapphire Ventures and the SAP.iO fund. The company now plans to use its war chest to expand into the U.S. market.
In addition to the latest round of investors, Adverity continues to be backed by existing investors, including Speedinvest, Mangrove Capital (early backer of Skype, Wix.com and Walkman), 42cap and local Austrian company the AWS Founders Fund.
Adverity’s latest AI-powered product, Presense, is currently under closed beta testing for select clients and will be launched later this year.
Alexander Igelsböck, CEO and co-founder of Adverity, commented: “Every company wants and needs to be data-driven. This is especially true in marketing where the fragmentation of data, and complexity in getting insights from it, poses a huge challenge for CMOs. Adverity’s mission is to solve those challenges by eliminating the hurdles facing companies today.”
Adverity’s clients include companies such as IKEA, Red Bull, Mediacom, Mindshare and IPG. Headquartered in Vienna, Austria, the company has offices across London, Sofia and Frankfurt.
Sasha Astafyeva, principal at Felix Capital, commented: “Data is a powerful tool for engaging customers and Adverity helps marketers harness the power of their data to make better decisions, grow their business and better serve their customers.”
The company’s founding members are Alexander Igelsböck, Martin Brunthaler and Andreas Glänzer. Igelsböck previously headed a startup incubator in Austria (KochAbo GmbH), and prior to that was VP Product Management at VeriSign Inc., where he met Brunthaler, who was director of Engineering. Glänzer’s experience was gained in a sales role at Google and as regional head of iProspect. The three previously founded a price comparison technology company that was acquired by Heise Media in Germany.