BOULDER – How much can you tell about someone from 100 words of text written or spoken by that person? How about 300 words? For one Boulder startup, the answer is a full psychographic profile aimed at helping salespeople and marketers gain insight into their buyers and target communications specifically to each individual to increase conversions.
And you thought you had people skills.
CaliberMind, which launched its predictive marketing software last winter, announced Wednesday morning that the company has raised a $1.1 million seed round of funding that will be used to expand its data science and sales teams.
Arlington, Va.-based CEB Ventures and Denver-based Meritage Funds were among the investors in the round.
CEO and cofounder Raviv Turner said he expects his eight-person company, which is based out of coworking space at digital-marketing agency IMM, to double in size over the next 12 to 18 months.
Raviv cofounded CaliberMind with Oren Zamir, the company’s chief technology officer. Both are seasoned entrepreneurs with backgrounds that include working in intelligence in the Israeli Army.
Their software-as-a-service platform uses machine learning and human language analysis to build its buyer profiles. It does so by integrating with customer-relationship management platforms like Salesforce and pulling in voice and email conversations that have previously taken place during the sales cycle. The software also scours the web for other data, including social media accounts like LinkedIn and Twitter and other content like presentations that a buyer might have given.
Turner is quick to note that the software doesn’t go after any personal information that a buyer has protected behind passwords or stored in private locations.
“I think it’s important to make the point that everything we analyze is public data,” or previous conversations stored in the CRMs, Turner said.
With a minimum of 100 words, CaliberMind’s software can profile a buyer’s decision-making style, placing that person on a scale between emotional decision maker and analytical decision maker. With 300 words, the full psychographic profile is possible. The software then takes that information and analyzes a company’s entire marketing content library and prescribes which content to send each buyer and when to send it based on that buyer’s persona.
“Most predictive marketing tools are designed to generate leads,” Turner said. “But our customers don’t have a leads problem. They have a conversion problem.”
CaliberMind graduated from the Boomtown Accelerator in April and already boasts a list of customers that includes Citrix and NetApp. Turner said the company began realizing revenue mid-year, but declined to disclose the amount of sales so far.
“I just think it’s a fascinating science,” Turner said. “It’s possible because machines are becoming better and better at understanding human language.”
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