NEWS14 December 2012

Canopy Labs raises $1.5m to expand analytics range

Financials North America

CANADA — Toronto-based customer intelligence startup Canopy Labs has closed a $1.5m investment led by the BDC Venture Capital IT Fund with participation from Valar Ventures and a number of angel investors.

The company, which helps mid-sized businesses build predictive customer models to prioritise sales leads and identify high-value customers, says it will use the funds to scale operations and launch new analytics products.

Its self-serve platform creates customer models by importing all of the interactions that a business has with its customers and then providing firms with recommended actions for each customer. CEO Wojciech Gryc (pictured) said: “Mid-sized businesses don’t need expensive, customised solutions to analyse and segment their customer records. We offer our clients insights into their customer data that marketing or sales analysts can understand and use right away to make customers happier and increase their sales.”

Ron Warburton, managing partner at the BDC Venture Capital IT Fund, added: “Canopy Labs has found a way to address a very clear problem for enterprises that don’t want to hire consultants or create customised customer modelling programs – streamlining their analytics process and delivering smart, usable data in a very short timeframe.”