CB Insights, a venture capital database that prepares a list about the ongoing trends and unicorn startups, has raised $1.5 million funding from National Science Foundation.
Founded by VC Anand Sanwal, CB Insights is well-known for its valuable database. It is not quite common to get the data from a private company as it is for a public company. The difficult access the data from a private company has made CB insights so worthy and valuable for it provides real-time information and data from companies, their investors, their acquirers and the competing industries.
After CB Insights’ launch in 2010, this is the first time the company is taking in money. When questioned why now, the company claims that it plans to develop the product further. Also, plans to use the money for the launch of CB Insights for Sales that helps sales team get more customers and automate lead generation with the help of predictive analytics and algorithms.
“The root of CB Insights come from when I used to work in venture capital at American Express with Jonathan Sherry. We want to answer a question that we thought should be simple. At AmEx we wanted a list of all the payments companies that had been funded, but that proved to harder that it should have been,” said Sanwal in an interview.
He also added, “The way that B2B salespeople do their job today is often pretty archaic, it’s totally undifferentiated and just sort of spray and pray. So you give us a list of your existing customers, and we will identify programmatically all the companies that are similar that you should be talking to.”
The new platform creates a profile of the client’s ideal customer type based on geography, industry, size, momentum signals like hiring, news sentiment and new partnerships, to algorithmically deliver recommendations on companies. With the help of the platform, the company will alert its clients on relevant leads, and help them prioritize which are more suitable for them on the basis of fast growing and finance available.
About the sales product, Sanwal said, “The nice thing about this product is that we are not building it on a speculative basis. We have customers in B2B sales, like Marketo, who already have customers using us for this, and they were the ones who helped us educate us what would work for B2B sales team.”