Last week, mobile marketing startup Neura secured $16 million in Series B funding. The Sunnyvale, California-based firm helps brands fine-tune their marketing efforts by assisting them in understanding consumer habits. The company’s latest funding round was led by Pitango Venture Capital (Foursquare) and Liberty Technology Venture Capital II (CrediFi).
Neura’s Innovative Analytics Platform
Traditionally, marketing analytics firms provide companies with consumer insights by examining vast swathes of data derived from its sources. Neura takes the opposite approach; it tracks the behavior of individual users to help its clients optimize their marketing efforts.
The startup gathers information about users from their smartphones and various Internet of Things (IoT) devices. Thanks to the increasing popularity of wearables, smart home systems, and vehicle-based artificial intelligence, Neura can build incredibly robust consumer profiles. Moreover, the firm utilizes a proprietary machine-learning solution to get a granular understanding of what people do over the course of their day.
Brands can gain access to the firm’s platform by letting the company install its API inside their apps. Subsequently, businesses can use Neura’s insights to present their offerings to consumers who are most receptive to making a purchase. Furthermore, app developers can use the startup’s information to make their product more useful and personalized.
In the past, companies had to hope that their push notifications hit customers when they could react to them. Neura’s platform takes the guesswork out of the scenario and allows brands to specifically target their outreach efforts.
Indeed, Neura’s system not only helps its clients bolster their engagement and retention rates but it can also play a crucial role in driving revenue generation.
The Next Generation of the Mobile Economy
According to marketing firm Grand View Research, worldwide mobile marketing spending hit $53 billion in 2018. However, many of the businesses contributing to that advertising spend won’t get a quality return on their money. Firms that partner with Neura on the other hand, can ensure that their message doesn’t get lost amongst all of today’s digital noise.
“It has become increasingly clear that brands that understand the real-world behavior of their users will lead the next generation of the mobile economy,” Neura CEO Amit Hammer told Venture Beat.
It’s worth noting that the startup’s chief executive isn’t speaking hypothetically. In the six years since its founding, Neura has attracted $29 million in outside funding. The firm has used that money to make its service applicable to a range of fields including health and wellness, entertainment, transportation, hospitality, and gaming. The company has also forged partnerships with AXA and Lenovo.
With its new $16 million investment, the firm intends to expand its platform and workforce. Given the innovative and versatile nature of its service, Neura will be a startup to watch in 2020.