Marketing tech firm Persado has secured a $30 million Series C financing led by Goldman Sachs and previous investors include both Bain Capital Ventures, Start Vest partners and American Express.
Persado’s platform employs natural language processing and machine learning algorithms to generate the precise combination of words, phrases and images that motivate any audience, at scale, in real time. The company says its software can write “cognitive content”- meaning copywriting primed to get readers to engage.
“Persado is revolutionizing how organizations communicate by propelling creativity into the data-driven age, arming brands with ‘smart content’ that resonates with any audience, every time, and inspires them to act,” said Alex Vratskides, CEO and Co-Founder of Persado. “This latest round of funding will enable us to continue investing in distribution and product development. It will also accelerate our expansion into more digital channels and potentially other sectors beyond marketing, such as pharmaceutical adherence, fitness and personal motivation, civic engagement, human resources and more.”
“Persado has developed cognitive content generation technology that optimizes the way organisations use language to motivate action. As a result, Persado’s customers have considerably more engaged relationships with their audiences across marketing channels, resulting in significantly greater revenue-generating activity,” said Mark Midle of Goldman Sachs’ Merchant Banking Division, who has joined Persado’s Board of Directors. “We are excited to partner with Alex and the entire team as we work together to capitalize on this global opportunity.”
Since its inception, Persado has deployed cognitive content for more than 4000 marketing campaigns across a wide range of digital channels. It has accumulated response data from more than 40 billion impressions.
They are already working with some of the largest brands in the world from tech companies to financial institutions and telecoms, including: American Express, Vodaphone, eBay, Expedia and Citi to maximize the impact of their marketing campaigns, resulting in a 49.5 per cent average uplift in conversions, a 68.4 per cent improvement on click-through rates, and $1 billion in incremental revenues.
“As Persado’s lead launch investor, it’s exciting to see their unrelenting drive to innovate and disrupt from the front lines,” said Scott Friend, Managing Director, Bain Capital Ventures. “It’s very rare to see a software company that defines and dominates its own category, grows greater than 100 per cent annually and maintains unassailable technology barriers to entry.”