Acquisition of customer capital
Retention Science said it raised a $ 1.3 million seed round from Baroda Ventures, Mohr Davidow Ventures, Double M Partners and angels including Bong Koh of Lifecrowd, Clark Landry of GraphEffect, Kunal Anand, Mike Greenfield of Circle of Moms, and Paige Craig. Several Stanford Ph.D. data scientists from companies including LinkedIn, PayPal and IBM also participated. Retention Science, which comes out of the MuckerLab accelerator program, provides big data analytical tools for customer retention.
Retention Science Launches, Leverages Big Data to Maximize e-Commerce Customer Retention
MuckerLab Company Receives $ 1.3 Million in Seed Funding from Multiple Sources –
ddresses the Higher Costs of Customer Acquisition versus Retention
SANTA MONICA, CALIF. (July 18, 2012) – Innovative big data retention marketing platform Retention Science launched today in order to provide e-Commerce businesses with actionable data analytics tools to cost-effectively prevent customer churn and encourage reengagement.
For marketers, customer acquisition often receives more attention and investment than customer retention, even though it costs several times more to obtain a new customer than it does to retain an existing one. Retention Science is fulfilling this oversight through its Customer Profiling Engine, a learning engine that uses algorithms and statistical modeling to build custom retention optimization strategies. The platform effectively reactivates customers before they churn to a competitor or simply lose interest in the company’s products or services. Analytics are performed in real-time to ensure up-to-date customer behavior predictions.
Source: Private Equity Capital
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