Drawbridge, a US-based customer service technology developer backed by diversified conglomerate Mitsui, has received $15m in funding from other existing investors, AdExchanger reported on Monday.
The capital was provided by venture capital firms Sequoia Capital, Kleiner Perkins Caufield & Byers (KPCB) and Northgate Capital, the latter of which was spun off from financial services group Religare Enterprises in 2016.
Drawbridge has created an artificial intelligence-equipped platform capable of unifying all the available data on a client’s customers, allowing sales and marketing teams to target them more effectively across a range of channels.
Kamakshi Sivaramakrishnan, Drawbridge’s chief executive, said the capital would be used to develop a platform utilising its technology for functions outside of marketing, such as data analytics, identity authentication and risk analysis.
The company also intends to increase the size of its engineering, sales and business development teams.
The round boosted Drawbridge’s overall funding to $70m according to AdExchanger. It followed an investment of undisclosed size by Mitsui in July 2017 as part of a commercial deal that involved it becoming Drawbridge’s distributor in its home country of Japan.
KPCB and Sequoia supplied $6.5m in series A funding for the company in 2012 before returning for a $14m series B led by Northgate the following year. All three combined for a $25m series C in May 2016 that was led by Sequoia.