Lexer raises $25.5 million to unlock insights from retailers’ customer data

Lexer, a customer data platform (CDP) that helps retailers gain insights by unifying data from multiple systems and sources, has raised $25.5 million in a series B round led by Blackbird Ventures and King River Capital.

The raise comes as businesses rush to capitalize on an accelerated digital transition driven by the pandemic, with retailers particularly eager to grow their online sales by better understanding who they’re selling to.

CDPs such as Lexer are designed to expand the utility of data analytics beyond data scientists to enable anyone, including marketers, to derive key insights from vast swathes of data.

“Brands are awash with data these days, but it’s siloed, and they have no way of sorting, managing, gleaning insights, and taking action from it,” Lexer CEO David Whittle told VentureBeat. “Lexer allows them to collect and enrich fragmented data sources into a single customer view to genuinely understand and engage their customers in personalized ways.”

Retailers can compare and contrast customer segments using whatever data points they wish, such as customers’ engagement with marketing materials, their preferred shopping channels, the products they’ve purchased, and social media posts and other online activity. This helps retailers figure out how well marketing activities are performing and find ways to unlock more revenues.

Lexer serves up a vast array of analytics, incorporating customer service, campaign performance, net promoter score (NPS), and customer segment data. It also supports more than 120 enterprise integrations, including BigCommerce, Shopify, Sailthru, Google Ads, and Bronto. “Lexer integrates with more than 90% of the systems a typical retailer stores data in or sends data to,” Whittle added.

Above: Lexer’s customer data platform (CDP)

Founded out of Australia in 2010, Lexer populates a space that includes major players such as Adobe and Salesforce, which launched their own CDPs back in 2019, and newer companies like SoundCommerce, which announced a $15 million raise earlier this week.

Whittle said Lexer is setting out to differentiate itself by offering a truly end-to-end solution spanning, data, software, and teams. “Our customers don’t need to engage expensive and time-consuming third parties for strategy, implementation, customization, and project management,” he said. “Also, our tools are beautifully simple, easy-to-use, accessibly priced, and have been built by one team, rather than a Frankenstein of acquisitions trying to play nice together.”

Lexer had previously raised around $8 million, and the company said it plans to use its latest funding to expand its product and hire across its offices in Australia, the U.S., and Southeast Asia. Lexer plans to hire a new person each week over the next year to double its overall headcount.

By VentureBeat Source Link