Segment, a San Francisco, California-based customer data infrastructure (CDI) company, as per recent reports, has announced raising $175 million in a Series D funding round, co-led by existing investors Accel, GV, and new investor Meritech Capital. Furthermore, the funding round also observed participation from Thrive Capital, Y Combinator Continuity, and eVentures, along with new investor Sapphire Ventures.
For years now, brands have relied on Customer Relationship Management (CRM) to get a better understanding of their customers, making it the pivotal point of customer data stacks for offline sales models. However, in the current age of digitization, CRM is no longer the ultimate go-to tool that’s enough to turn over the offline sales. Brands today must employ dozens of business applications in their customer data stack, but they don’t necessarily always have the required data infrastructure and tools necessary to integrate these applications seamlessly and still respect customer privacy preferences consistently.
Here is where, Segment’s technology comes in for rescue, empowering businesses to deliver seamless and personalized customer experiences across every channel and touchpoint, while also taking into considerations the user privacy and preferences through first-party data.
Segment’s Customer Data Infrastructure (CDI), apt at capturing customer interactions from every business touchpoint, ensures data accuracy and consistency across the entire organization. The Segment CDI automatically routes that data to hundreds of business applications across a company’s entire customer data stack.
“CRMs and their associated suites are no longer able to deliver great customer experiences,” stated Peter Reinhardt, co-founder and CEO of Segment. “With the rapid proliferation of new digital tools and customer touchpoints, the global market opportunity for Customer Data Infrastructure is huge. We are excited about this latest milestone, which will allow us to accelerate international growth and help even more businesses across the world put their customers first.”