Vermont-based Faraday closes $880K in Series A funding round
Home improvement industry-focused cloud software provider Faraday secured $880,000 for its Series A funding round, a statement about the financing said.
FreshTracks Capital led the oversubscribed funding round which was also participated in by 3Degrees, LaunchCapital and ARB. Individual investors and cleantech executives also supported the Middlebury, Vermont-based company. As part of the deal, FreshTracks Capital Managing Director Cairn Cross and Ethical Electric Co-Founder and VP of Corporate and Business Development Richard Graves have joined the Board of Directors at Faraday, the statement said.
Proceeds from the round will be deployed towards getting more people on board its team and rolling out the new version of its platform. Faraday has engaged the services of veteran web mapping expert Bill Morris to become its Lead Visualization Engineer and online gaming firm founder Tristan Davies as its Front-end Engineer, the statement said.
Faraday Chief Executive Officer Andy Rossmeissl said in the statement, "One thing we've learned in the Big Data era is that there are no more rules of thumb, and that holds true with customer acquisition. We're helping our users discover what works for their businesses through very carefully managed, instrumented trial and error, leading to better customer conversion at lower cost."
Using its software-as-a-service application, Faraday allows clients to come up with targeting hypotheses, make multi-channel outreach possible via a vendor network and monitor results to find the approaches that really work. The application also has a predictive analytics feature that will point out the consumers who has the greater chance of converting. Last year, Faraday collaborated with seven clients located in five states, evaluating more than 800,000 households as to who will most likely spend to upgrade their home, the report said.
FreshTracks Capital's Cairn Cross said in the statement, "During the last twelve months, Faraday has identified an important market pain point, developed an intriguing solution drawing from their experience with machine learning, and produced great early traction. We think Faraday could be the Salesforce.com of predictive marketing."