ThinkCX Closes $1 Million Seed Financing Led by Vancouver Founder FundTuesday, April 26, 2016
Langley, BC, April 26, 2016--(T-Net)--ThinkCX, a social customer insights company involved in Advanced and Predictive Analytics, announced that it has raised $1 million in a Series Seed round led by Vancouver Founder Fund (VFF) with the participation of various new and existing Angel investors.
An emerging member of Vancouver's enterprise software community, ThinkCX provides their clients with a machine-learning analytics solution that helps them mitigate the losses caused by customer churn.
ThinkCX's social intelligence solution is a sophisticated machine-learning platform that uses the insights gained from publicly-posted social media content to predict exactly which customers are going to leave a brand.
ThinkCX then delivers a proactive warning to the brand's retention team, enabling them to reach out in a pre-emptive fashion to save the customer. ThinkCX operates as a standalone solution for brands that are in the initial stages of deploying predictive analytics, but for brands that already do predictive churn modeling, the ThinkCX social analysis acts as an enhancement to the brand's existing model, making it more powerful and more effective, according to the company.
Advanced and Predictive Analytics ("APA") is a relatively new and growing segment within the larger context of the Big Data solutions marketplace. Various industry analyst groups such as Gartner, Forrester, and IDC suggest that the global APA market was sized at around $2 billion in 2014, but that it will be growing to $6-9 billion by 2019, with CAGR as high as 22% and more in certain geographic regions.
"Virtually all predictive models in use today analyze data extracted from the legacy systems internal to the brand. ThinkCX takes a completely different approach by focusing on an overlooked but extremely relevant source of data - the public social signals posted daily by the brand's customers," said Aaron Nielsen, Co-Founder and CEO of ThinkCX. "We have seen that defecting customers post between 6 and 7 social signals in the months leading up to the point that they pick up the phone to cancel. Our technology is particularly effective in finding and analyzing those signals so that we can warn the brand 30 to 90 days before the customer leaves."
Aaron Nielsen, Co-Founder and CEO of ThinkCX
"ThinkCX is a stand-out example of successful, University-developed, technology commercialization," says Jay Rhind of the Vancouver Founder Fund, lead investors in the deal. "The company is spearheaded by Aaron Nielsen and Ron Smouter; the kind of genuine hard- driving entrepreneurs that every investor hopes to encounter. Well developed technology, stand-out founders, and a compelling customer value proposition made the investment process straightforward."
ThinkCX will apply the proceeds of the round to grow its direct sales model, and launch a channel distribution strategy in order to accelerate the deployment of the technology in the telecommunications service provider market. The funds will also be used for ongoing research and development on the core solution, and to reconfigure it for entry into new markets.
"ThinkCX would like to acknowledge the assistance of a number of Vancouver-based technology organizations that supported their fundraising efforts, primarily the local chapter of the Open Angel Forum, but also including WavefrontAC, and the British Columbia Technology Industry Association (BCTIA)" stated the company in a press release.
About ThinkCX Technologies Inc.
ThinkCX Technologies Inc. ("ThinkCX") is a predictive analytics company that uses social intelligence to help companies optimize the lifetime value of their subscription based or recurring-billing customers. ThinkCX finds relevant, publicly available social media content for each of the brand's connected customers, and constructs a social graph for those individuals. ThinkCX then performs a detailed analysis of the graph, and provides proactive insights to the brand that lead to a better customer experience. http://www.thinkcx.com/
Vancouver Founder Fund ("VFF") is a seed stage venture fund that invests in technology companies in Western Canada. VFF invests in companies with staying power run by individuals who can solve problems with the least amount of work. Trust and values fit are a centerpiece in the investment decision making process. http://www.vanfounder.com/
Ron Smouter, VP Sales & Marketing
ThinkCX Technologies, Inc.
Phone: (604) 343 2576
Photo Credit: ThinkCX
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