SaaS firm Cloudcherry raises $1M seed funding from Chennai Angels, IDG
Chennai-based software as a service firm Cloudcherry Analytics Pvt Ltd has raised over Rs 6 crore (around $1 million) in seed funding from The Chennai Angels (TCA) and IDG Ventures India, the company said in a press release.
"With marquee investors on board, we can now focus on scaling our enterprise business rapidly, and invest in providing our key clients with cutting-edge analytics, features and support. The demand for customer analytics is unprecedented and brands today wish to differentiate themselves on superior customer experiences," said Vinod Muthukrishnan, co-founder of Cloudcherry.
Founded in 2014 by Muthukrishnan and Sriram Subramanian, Cloudcherry provides software services like mobile application, big data, analytics, customer sentiment mapping and customer feedback to small and medium size enterprises. It has an office in Singapore.
Muthukrishnan, who has over two decades of experience, was working with Allam Advisory Group (AAG) as senior consultant before starting this venture. He has also worked with Market Simplified Inc, INXS Technologies Ltd and V-Ships Inc among other companies.
Subramanian brings over 25 years of experience in management education and consulting and is a professor at Great Lakes Institute of Management. He also serves as an advisor for HCL Talent Care.
The Chennai Angels (earlier known as Chennai Entrepreneurship Trust Fund) provides finance to early stage technology-based companies in India.
Recently, it invested in Tamil Nadu-based Syona Cosmetics Pvt Ltd. Last year, members of Chennai Angels invested in eight companies.
"Gathering great data and actionable insights is the one thing that can drive a business forward â€“ something that Cloudcherry provides with its extremely powerful, yet easy-to-use product. We see tremendous potential and are sure of the impact the product can have for organisations and their long-term success" said Ranjeeth Rathod from The Chennai Angels.
IDG Ventures India, a leading technology venture capital fund in India, is a part of IDG Ventures which has over $6 billion under management globally. The company has put money in 220 firms and has 10 offices across Asia and North America.
This is the third investment by IDG this month and ninth since January this year, according to VCCEdge, the data research platform of VCCircle.
This month IDG Ventures put money in Chennai-based local language speech recognition solutions firm Uniphore Software Systems Pvt Ltd and online credit management service CreditMantri Finserv Pvt Ltd.
It also has positions in Tripoto Travel, Nestaway Technologies, BrainBees Solutions, Aasaanjobs and others.