Coherent Path, a cloud-based analytics platform designed for retailers to tailor their marketing efforts to individual customers, announced on Wednesday that it has raised $6.25 million in Series A funding. Sigma Prime and GrandBanks Capital led the investment round, with participation from CommonAngels.
“The team at Coherent Path is excited to push the boundaries of mathematics and analytics to help retailers understand and engage with their customers,” said James Glover, Co-Founder and CEO of Coherent Path. “We’re pleased with the value we’re delivering to marquee retailers and look forward to helping them best leverage their competitive advantages to build lasting customer relationships.”
The Cambridge-based startup uses big data and advanced predictive analytics to help retailers and companies deliver personalized offers and promotions to each individual customer through various channels, including email, mobile and websites. According to the company, its patented cloud technology has improved revenue, key engagement metrics and customer lifetime value by 20-40 percent for a range of retailers.
“Coherent Path is transforming the way retailers think about and engage with their customers,” said Paul Flanagan, Managing Director at Sigma Prime Ventures, in the press release. “We’re thrilled to partner with James Glover and his team as they continue to build a great company,” added Tim Wright, General Partner at GrandBanks Capital. Both Flanagan and Wright are joining the Coherent Path Board of Directors.
Glover added that its target demographic is Fortune 500 and large e-commerce companies. Although Coherent Path is not yet profitable, it is currently generating revenue and will use the recent investment to “accelerate growth” and increase the pace at which they deliver their “loyalty analytics and personalization solution to retailers of all sizes.”
The company was launched in 2012 and the latest Series A funding brings Coherent Path’s total investment to almost $8 million.
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