Data analytics firm Crayon Data has received funding from Singapore-based Jungle Ventures as it prepares to expand operations in overseas markets. Singapore-government-owned Spring Seeds Capital also participated in the deal.
Crayon, founded by two graduates of the Indian Institute of Management in Calcutta, raised Rs 7.3 crore in this latest round. It has now received a total of Rs 27 crore in venture capital from leading angel investors like Meng Wong, co-founder of the Joyful Frog Digital Incubator, William Bissell, managing director of Fabindia, Ernest Pomerantz, chairman of Stone-Water Capital and Ravi Thakran, managing partner of L Capital.
“We will use the funds to scale up technology and expand our operations in markets such as United States, United Kingdom, Middle East and China,” said Suresh Shankar, co-founder of Crayon, who earlier sold his customer analytics company RedPill Solutions to IBM in 2009.
Founded in 2012, Crayon has built a platform that mines hidden insights, patterns and unknown correlations from huge amount of data. “For instance , when a customer walks into the hotel, the staff already knows his or her choices and offers a personalised experience,” said Shankar. “It is no more about loyalty points that the customer has, but knowing the guest’s tastes.”
Crayon is the only big data company from Asia to be a finalist at a digital innovation contest which will take place in March at CeBIT, world’s largest trade fair for information and communications technology in Germany.