ActionIQ Raises Thirty Million USD in Financing
ActionIQ, a big data analytics firm based out of New York has just announced a new round of Series B financing to the tune of thirty million USD. The company operates in the big data analytics space using its own proprietary marketing activation platform.
A marketing activation platform is a tool that lets the marketing team draw insights on how to better package a certain campaign to achieve wider reach and better results. Marketing activation sits in the tough spot between the execution part that comes between planning a campaign and trying to figure out how effective that campaign actually was.
This round of Series B financing was led by marquee venture capital firm Andreessen Horowitz. The round also saw participation from returning investors Sequoia Capital and Firstmark Capital. Shutterstock, a customer of ActionIQ also took part in the series B round in the role of a strategic investor.
ActionIQ had announced just recently in March the raising of its Series A funding round totalling a sum of thirteen million USD. Tasso Argyros, CEO and co-founder ActionIQ states that this very unique corralling of the vast troves of big data that ActionIQ whose user friendly interface displays the analysis to marketers is witnessing extremely rapid demand in the industry.
Argyros very firmly believes in the adage “Strike when the iron is hot” and aims to deploy the fresh funds in capacity expansion. He attributes the exponential growth to early adoption by many a marquee brand.
Argyros along with his fellow co-founder and current CTO of the company, Nitay Joffe already having a stellar track record in the data analytics space with their previous ventures, certainly did help them grab the eyeballs quicker than usual.
It also taught them how to run big data analytics ventures, in turn, helping businesses tackle the opportunity of how to handle and better use the disparate amounts of information that they can now access.
Aster, Argyros’ previous venture was acquired by Teradata for a sum of three hundred million USD in 2011.
Martin Casado, partner at Andreessen Horowitz places special emphasis on the amount traction that ActionIQ has been able to garner in a short time frame when questioned about the investment made by his firm in ActionIQ.
What made the investment even more attractive for the venture capital was the pedigree of the management team and the deep understanding of both marketing technology and data which would be a strategic advantage in helping the world’s best B2C marketers triumph.
Argyros, when asked about the total number of clients that ActionIQ currently has in roster, chooses to answer by stating that “the company, at the moment, would be having three times the total number of clients it had in the month of January of the current year.” He expects the current upward trend to keep continuing and lays extra emphasis on diversifying the different verticals and sectors they sign their clients from.
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