In recent years, the customer data platform (CDP) has emerged as a central repository for collecting and analyzing customer data to better understand their needs. The acquisition of CDP Segment by Twilio in 2020 for $3.2 billion was a significant milestone in this space. Now, Lantern, an early-stage startup, is building on this concept by combining a CDP focused on B2B with a customer success platform consisting of AI-fueled tools to take advantage of that data.
A New Hub for Customer Data
Lantern’s founder, David Bromberg, aims to create a new hub that can track time-series customer data and connect to every single data source a team is using. This approach is designed to make it simple for companies to access their data sources and put that data to work. With 50 data connectors currently available, customers can start by identifying their various data sources.
Unlocking New Pipeline Channels
The company’s goal is to unlock new pipeline channels of existing customers through upselling and cross-selling. The first tool helps identify customers most likely to be open to upselling, while the newest tool helps salespeople find customers who have switched jobs and automatically creates leads to target them at their new account.
Advantages of Lantern’s Approach
Lantern’s approach offers several advantages over traditional customer data platforms:
- Unified View: Lantern provides a unified view of customer data from various sources, making it easier for companies to understand their customers.
- AI-Powered Tools: The company’s AI-fueled tools help identify opportunities for upselling and cross-selling, leading to increased revenue outcomes.
- Ease of Use: Lantern’s platform is designed to be user-friendly, allowing non-technical teams to access and use customer data effectively.
Funding and Future Plans
Lantern recently secured a $6.8 million seed round, led by Primary Ventures and Moxxie Ventures, with participation from 8VC, 8-Bit Capital, Coalition, and prominent industry angels. The company plans to hire more engineers and go-to-market people in the coming months to build on its momentum.
A Diverse Company Culture
Bromberg emphasizes the importance of building a diverse company culture, stating that his cap table is already 60% women. He hopes to continue this approach as he builds his team, focusing on hiring the best people who happen to be diverse.
Conclusion
Lantern’s innovative approach to customer data platforms has the potential to revolutionize how companies interact with their customers. By providing a unified view of customer data and AI-powered tools for upselling and cross-selling, Lantern is unlocking new pipeline channels for businesses. With its recent funding and plans for growth, this startup is certainly one to watch in the future.
Additional Information
For more information on customer data platforms and their applications, refer to the following sources:
- Customer Data Platforms: A Guide
- The Role of AI in Customer Success Platforms
- Lantern’s Approach to Customer Data Platforms
Related Topics
- AI
- Customer Data Platforms
- Customer Success
- Lantern
- Moxxie Ventures
- Primary Ventures
- Startups
Recommended Reading
- Biden Admin Snubs Tesla’s $100 Million Big-Rig Charging Funding Request — Again
- Raspberry AI Raises $24M From a16z To Accelerate Fashion Design