Pramata wants to put more “intelligence” into customer relationship management software, and it just received $10 million to help it do that from venture capital firm Volition Capital and other investors.
Pramata sells online software that it calls Customer Relationship Intelligence, which integrates with its clients’ CRM applications.
By inserting into CRM software related information from various sources, Pramata can show, for example, how much an individual customer spent on past purchases or the financial risk a seller takes on by doing more business with a customer, Pramata says.
“Highly negotiated customer contracts define complex B2B relationships,” says Praful Saklani, Pramata co-founder and CEO. “Teams spend too much time trying to extract and understand the historical information buried in them, trying to piece together the puzzle of the current relationship.”
Pramata tries to fill that gap by providing information gathered online from multiple sources of information about its clients’ customers. Sources include Dun & Bradstreet reports on a customer’s finances, personal backgrounds on LinkedIn, and billing systems that show what a customer actually paid for past purchases. By adding such information to current records of engagements between a client’s customers and its sales reps in CRM applications, Pramata strives to help its clients close more valuable and complex contracts with their customers.
“We believe Pramata uniquely solves the enterprise’s need for more accurate, comprehensive and up-to-date information about current customer relationships,” says Larry Cheng, managing partner of Volition Capital, who has joined Pramata’s board of directors. “This investment will help Pramata accelerate growth and deliver its unique value to an even broader set of customers.”
Pramata’s existing customers include Century Link, a provider of Internet-based data management and Internet access services; Internet networking gear provider Cisco Systems Inc.; and Novelis Inc., a producer and recycler of aluminum.
Joining Volition Capital in the Series A funding round were prior investors Argosy Capital and Peninsula Ventures.
Sign up for a free subscription to B2BecNews, a twice-weekly newsletter that covers technology and business trends in the growing B2B e-commerce industry. B2BecNews is published by Vertical Web Media LLC, which also publishes the monthly business magazine Internet Retailer. Follow B2BecNews editor Paul Demery on Twitter @pdemery.