Social media intelligence solutions provider NetBase this morning announced that it has raised $18.1 million in funding from Thomvest Ventures, Altos Ventures and Tran Ventures.
Dubbed an ‘expansion round’, the capital will be used to boost sales and marketing for its social media-driven business intelligence tools for enterprises.
NetBase’s platform banks on a proprietary natural language processing engine combined with text analytics and machine learning to process and extract actionable insights from billions of posts on a variety of social networks.
This enables its clients, which include global brands like Coca-Cola add Kraft, to monitor, understand, and engage with customers in real time.
“Social intelligence is no longer a nice-to-have for companies, it’s a must-have,” said Peter Caswell, CEO of NetBase.
Notable, the company recently teamed up with SAP to be able to deliver social media analytics to enterprise companies worldwide.
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