Search Intelligence Startup My Telescope Raises $2.75 Million USD
New Funding will Help Measure and Predict the Effectiveness of Marketing Investments in Real-Time
Swedish SaaS startup My Telescope has raised $2.75 million USD in seed funding. The new funding will help My Telescope develop new products and solutions for marketers and brands that utilize real-time Share of Search data to prove their marketing activities are business-critical and reduce the need for surveys and focus groups.
My Telescope is a Swedish market intelligence and search startup backed by Vendep Capital and Trind VC. It is currently focused on helping marketers and brands measure and predict long-term trends in demand creation following their strategic marketing investments. According to the official announcement, My Telescope will use the funding to accelerate its growth into the search intelligence domain and accelerate its entry into the US market.
How My Telescope Works
My Telescope uses Share of Search analytics to measure and predict the long-term impact of market trends, brand strength, and campaign effectiveness in almost real-time. By utilizing My Telescope’s platform, marketers and agencies get actionable insights for strategic decision-making and helps them to predict and avoid upcoming dips in market share. Marketers can then more tangibly justify marketing investments to their management, clients, or external stakeholders.
At the time of this announcement, My Telescope Founder and CEO Rodrigo Pozo Graviz said, “The problem is that a lot of money is invested into building a brand, but previously there hasn’t been any way of proving in real-time that the investment is actually driving you anywhere. It basically means that the whole industry pumps money into a black hole and waits months to find out the results. However, the correlation between what people search and sales numbers and market share has been scientifically proven.”
Rodrigo added, “My Telescope helps the marketing industry to prove the impact much faster through almost real-time analytics, reporting, and dashboards on the Share of Search data – and that marketing investments generate business-critical impacts.”
“We provide a predictive view of where your marketing efforts are taking you. With the help of our investors, we are excited to go to the USA, THE original home of brand building, and unleash the potential that lies in Share of Search data to help make decisions that maximize sales and margin impact,” continues Graviz.
How does My Telescope Differ from others in the Industry?
Unlike its competitors that just calculate and visualize Share of Search from Google data, My Telescope bolsters the use of search data with its proprietary AI solution that scans, visualizes, and more importantly, analyzes sentiment data. Data taken from the media, social listening, forums, and product reviews can be used to gain deeper insights into the underlying intentions behind the search activity. Through this deep data analysis, My Telescope is able to provide more actionable recommendations for future marketing investments.
“We are living in the time of data-driven tactical marketing that’s based on accurate, measurable, and comparable metrics. My Telescope is bringing the same measurability also to strategic marketing while adding predictability and real-timeliness helping brand marketers and marketing agencies not only to see the rearview mirror, but also the road ahead. With the size of the strategic marketing visibility challenge combined with the massive market potential, and with an experienced and highly driven team, we very quickly built strong conviction to invest in My Telescope,” says Sami Ahvenniemi, Partner at Vendep Capital.
“Measuring how many people search for you, rather than your competitors, is a fast, cheap, and potentially powerful way of measuring the strength of your brand. But raw search data tells you nothing about why people are looking for your brand online or how they perceive it. High search volumes could be because of bad PR. That’s why My Telescope is solving a real need in the market, as they can distinguish between positive and negative search results, and help us plan for, and fight against, any predicted market share dips,” says Tim Spencer, Chief Strategy Officer at Fluency M&C Saatchi.
To date, My Telescope has raised €3.1M in total funding. My Telescope is trusted by clients within industries such as FMCG, consumer goods, heavy industry, defense, automotive, and charity.
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