US-based CRM startup RelateIQ bags $40M in Series C round
Relationship management intelligence startup has closed $40 million in its third funding round led by Redpoint Ventures. The funding valued the company at over $200 million, according to San Francisco Business Times.
Founded in 2011, RelateIQ emerged from stealth mode in June. It had pocketed $29 million in its previous financing round. The firm says its software raises customer relationship management (CRM) a notch higher with the utilization of data science, the report detailed.
According to TechCrunch, RelateIQ uses data mining technology for automated tracking of relationship among enterprises. It does not need manual data entry to understand professional relationships anymore. One of the ways that the software accomplishes this is through the collection of data from email, social networks, calendars, voice, and other online communications, the report explained.
The Palo Alto startup's existing investors include Accel, Formation 8, Allen & Co, Dustin Moskovitz, AMC Cloud Ventures, Morgenthaler SV Angel, Battery Ventures, and Thrive Capital, the report added.