Tech

AI-powered CXM platform Sprinklr raises $200 million at a $2.7 billion valuation

Sprinklr, an AI-powered customer experience management (CXM) platform, has raised $200 Million at $2.7 billion Valuation from private equity firm Hellman & Friedman. The company said that it has also secured an additional $150 million in convertible securities from Sixth Street Growth.

The raise comes as global internet use has surged by up to 70% during the pandemic, according to some figures, with ecommerce in particular growing significantly as virus-wary consumers hunkered down at home. This push toward online shopping inevitably increases the need for businesses to converse with and manage communications with customers through myriad digital channels — which is where Sprinklr stands to benefit.

AI listening

Founded in 2009, New York-based Sprinklr allows companies to plug themselves into public conversations across dozens of social platforms, including websites and messaging apps, to derive structured and meaningful insights from unstructured customer data. Using what Sprinklr refers to as “AI listening processing,” the platform breaks down the data by elements such as sentiment and location, to figure what people think about a company or its products, and glean specific audience insights such as why one product is doing better in London versus San Francisco, for example.

Sprinklr can also be used by brands to compare sentiment and benchmark themselves versus competitors.

Above: Sprinklr extracts “insights from noise”

More broadly, Sprinklr can be used for all manner of customer engagement activities across the sales, research, and marketing spheres, including figuring out what content resonates most with customers so that it can be reused across other social channels or in other markets. Over the past year, the company has also launched a bunch of new features including live chat for brands’ websites and apps, and AI-powered smart responses which offers customer service agents suggestions for enquiry responses.

Prior to now, Sprinklr had raised around $228 million from notable backers including Intel Capital. And with another $350 million in the bank, the company is well-financed to nab an even greater piece of the estimated $6.5 billion CXM market, and add to its existing roster of clients which include Microsoft, Samsung, Verizon, Comcast, and McDonald’s.

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