DataJoy Raises $6 Million to Make It Simple for Companies to Use Data to Accelerate Revenue Growth
DataJoy unifies a company’s customer data and gives them automated revenue insights that can be used to make real-time go to market decisions
DataJoy, an analytics company that has created the first SaaS-focused Revenue Intelligence Solution announced a $6M Series Seed. DataJoy unifies an organization’s customer data and gives ML-augmented insights to systematically optimize customer acquisition and retention activities in order to maximize ARR growth. DataJoy gives its customers the power of a leading-edge data science practice dedicated to its go-to-market efforts, without the associated cost and effort in a matter of days. The funding round was led by Foundation Capital, with participation from Quarry VC, Partech Partners, IGSB, Bow Capital and SVB.
“After talking to hundreds of business leaders, we learned most that organizations fail to realize the full potential of their data to drive more value for their customers and for themselves,” said Jon Lee, founder and CEO of DataJoy. “By operating in silos, teams tend to optimize locally versus globally. For example, marketing may maximize the dollar value of qualified sales opportunities sent to sales per dollar spent. However, this could mean an influx in leads from a source that has severe downstream implications such as lower close, retention and upsell rates. By optimizing activities across the entire go to market funnel, DataJoy helps its customers systematically maximize Life Time Value and therefore long term, repeatable and profitable revenue growth.”
Founded by a serial SaaS entrepreneur, the head of product for Augmented Analytics at Tableau, and the Chief Architect of Natural Language Search at SAP Analytics Cloud, DataJoy gives mid-market and enterprise SaaS companies a complete and fully managed Revenue Analytics stack. This includes a secure, scalable and fast data warehouse, self-healing data pipelines and proprietary Machine Learning models that analyzes signals across the entire revenue funnel, all integrated into simple and purpose-built analytics.
“DataJoy is the only solution on the market that removes the complexity of managing your own analytics stack by handling all of the data infrastructure, unification and analysis for you,” said Ashu Garg, General Partner at Foundation Capital. “DataJoy is purpose-built for SaaS companies and there’s no better, more experienced team to fix the broken business intelligence market.”
Businesses that are data-driven are 23 times more likely to acquire customers and nine times more likely to retain them, according to McKinsey. But most revenue teams are ill-equipped to design, implement and operate their own analytics solution required to enable this. Moreover, failure rates for internally driven BI and AI initiatives are consistently cited at upwards of 70% to 85%, due to lack of the lack of technical expertise and the challenge of translating business questions into data solutions. As a result, many revenue teams either implement narrow sales-focused reporting solutions that exacerbates data fragmentation, or await the attention of an overwhelmed internal data team and cope with spreadsheets in the mean time.
“DataJoy provides a third option,” said Ken Wong, CPO and Co-founder, DataJoy, “Our domain-focused, AI-powered analytics is tailored to answer the specific questions of revenue leaders. But it’s also built on a layered and open architecture that extends and complements existing enterprise data strategy. DataJoy will deliver insights across the entire revenue funnel with the agility that Revenue Leaders need now, while advancing the data platform that winnings organizations will need for the future.”
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