Austria-based marketing analytics software developer Adverity has secured €11m ($12.4m) in a series B round that included SAP.iO fund, the corporate venturing arm of enterprise software producer SAP.
Venture capital firm Felix Capital led the round, investing alongside Sapphire Ventures, which was spun out of SAP, as well as Speedinvest, Mangrove Capital, 42cap and AWS Grunderfonds.
Founded in 2014, Adverity has created a software platform that leverages artificial intelligence technology to help companies monitor and analyse their marketing data.
The proceeds from the round will be used by Adverity to expand into the US market. It has now raised a total of $17m in funding according to TechCrunch.
The company had previously received $3.9m in an April 2018 series A round that was led by Mangrove Capital Partners and backed by Speedinvest, 42cap and AWS Founders Fund.