Quantifind, whose technology is designed to find relevant marketing signals amid the noise of unstructured data, has raised $12 million in a strategic growth round led by Comcast Ventures and Iris Capital.
The company had raised about $10.5 million in the last eight months, according to cofounder and CEO Ari Tuchman, although this does not represent the totality of the company's financing. The funding will be used to scale Quantifind's technology and ramp up sales efforts into new verticals and use cases.
Cofounders Tuchman and John Stockton, both PhDs in physics, noted early Quantifind media and entertainment customers had run into walls when they looked to extract meaningful ROI from social data feeds, thus identifying the marketer pain point they first wished to solve.
“Going back a couple of years, the 100 or so social listening companies… [solved buzz and sentiment] but neither of those had a correlation to how a movie actually performed at the box office and, therefore, wasn’t giving the company anything actionable to steer results at the box office,” Tuchman said.
Quantifind charges on a Software-as-a-Service (SaaS) basis per brand per month while offering “guidance on both media optimization and creative strategy,” Tuchman said. “All the incredible work in big data storage and programmatic and optimized targeting and this ability to reach an audience at a very specific level is awesome work we’re building on to help you act on data more quickly.”