Claravine, a Utah based data technology startup that helps standardize, automate governance, manage and connect market data across every team, system, and channel, raises US $5 million in Series A funding.
The round was held by Grayhawk Capital and the total funding increased to US $12.4 million. Other participants in the round include Next Frontier Capital and Peninsula Ventures.
The company plans to use the funds to further enhance its product development techniques and go-to-market strategies. Clavarine’s services include real-time data analysis, digital marketing, information architecture, automate paid media campaigns, track owned data and easy content creation. Standardizing data structures and governing data will help companies increase Return of Investment (ROI), receive better insights and finally provide a better experience to customers. Companies like USAA leverage Claravine’s data service.
Verl Allen, CEO, Claravine said, “Many companies think you don’t need to focus on data standards upfront. Instead, they believe you can let someone else deal with the problem through aggregation or ETL. However, to accelerate business decisions across an organization, fixing the data before it becomes a problem requires collaboration and coordination. With this funding, we want to ensure organizations across industries have the best solution at hand to address data governance from the start so they can focus their efforts and attention on how to better utilize the insights they gain from high-quality data to enhance the customer experience.”
Unfortunately, in today’s approach, businesses rely on manual data processing, usually with spreadsheets. The ability to enforce data standards and naming conventions across content, campaigns, ads and experiences is a major issue due to this manual approach and marketers with below standards data. According to Michele Goetz, Principal Analyst at Forrester, only 8% of companies utilize existing data completely. As a result, experiences are less than optimal, productivity is low, and investments in marketing and advertising are held back due to poor data. This costs the company time and money.
Claravine is a marketing campaign automation platform developer that offers data governance services. It was formerly known as Tracking First, LLC. Its primary industry is Business/Productivity Software services. It was founded in 2012 and the first Digital Experience Data Management Platform. It was co-founded by Craig Scribner and John Boyd when they identified that enterprise marketing and data analytics teams were not able to easily understand campaign data being generated across an increasingly fragmented atmosphere of marketing agencies and software solutions.
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