Customer data analytics company Flytxt has raised $11 million (Rs 70 crore) from DAH Beteiligungs GmbH, which is associated with the family office of Dietmar Hopp, the co-founder of German software firm SAP, a company statement said.
The company will use the new funds to develop its software product, expand to other verticals, and execute its order book of more than Rs 500 crore, the press note added.
Flytxt offers an enterprise-class customer data analytics product that can ingest, manage and analyse a large volume of moving customer data to derive actionable insights. The product also has built-in applications to leverage these insights for digital customer engagement and digital services.
More than 50 telecom companies and other enterprises have deployed this product in more than 40 countries. The company claims that the solutions built using its products and services have generated up to 7% measurable economic value for enterprises. The Netherlands-headquartered company also has offices in Dubai and India with regional presence in Paris, London, Singapore, Nairobi, and Mexico City.
“This investment will help us to serve our customers more efficiently as well as invest in R&D, and grow faster through cloud offerings and channel partnerships,†said Dr Vinod Vasudevan, chief executive of Flytxt, who founded the company in December 2008.
An alumnus of IIT Kharagpur, Vasudevan led the integrated services division at Reliance Communications prior to starting up.
Other recent deals in the data analytics segment include retail analytics provider Intelligence Node Consulting Pvt. Ltd, which raised $0.75 million (Rs 5 crore) from non-banking financial company BlackSoil Capital in January this year.
In February this year, data analytics startup Connaizen had raised funding from Vikram Sud, former Asia Pacific O&T head at Citigroup and former group chief operating officer of Kotak Mahindra Group.