Growth round led by Crosscut Ventures, one of the largest early stage investors in Los Angeles
LOS ANGELES--(BUSINESS WIRE)--Retina, the customer data science company that predicts future lifetime value and customer behavior, today announced it has raised $5 million. The raise supports the company’s fast growth and was anchored by a former investor, Crosscut Ventures, which partners with early-stage founders to build extraordinary high-growth tech companies. Retina’s goal is to serve any business that has repeat customer purchases-- including e-commerce, retail and service-based businesses.
“Not all customers are created equal and, in fact, a majority of them are poison for the business,” said Michael Greenberg, Retina co-founder and CEO. “Retina determines which customers will spend more as soon as they make their first purchase, not six months from now. Our customers are saving millions of dollars in online advertising, while also increasing sales. This funding allows us to expand our services and bring our insights to even more brands in 2020.”
Retina has the only intelligence platform that uses first-party data to predict future spending at or before the first transaction of a customer. This is in stark contrast to standard technology that typically requires 3+ customer transactions to forecast long-term behavior, which could take six months to a year to determine.
“We see Retina poised for significant growth,” said Rick Smith, Managing Partner of Crosscut Ventures. “The technology is deployed and delivering an ROI that is unmatched in the industry, so we’re doubling down for the ride.”
Retina’s customers, such as Madison Reed and Dollar Shave Club, have already seen millions of dollars in increased sales and 50%+ ROI on their investment within year one. Marketers, CFOs and Customer Success leaders from major brands including Backcountry, GoDaddy, Chegg and Wikibuy rely on Retina’s platform to gain critical insight into what motivates their best customers to continue to hit “buy.”
Located in Santa Monica, Calif. and backed by Crosscut and Comcast Ventures, Retina brings the power of artificial intelligence to the single most valuable metric for marketers: customer lifetime value (CLV).Using insights from Retina, e-commerce, service based businesses, and investors can optimize their customer acquisition, retention, and service based on Retina’s highly accurate long-term customer value and cost per acquisition modeling. It is the only predictive analytics provider that delivers a report within 24 hours of engagement with 98 percent accuracy. For more information, visit: https://retina.ai/