Since it was founded in 2008, CB Insights has been a trusted resource for data, research and analytics on global private markets. Today, the company announced its first institutional financing—a $10M Series A.
Up until now, CB Insights was funded through revenue and a $1.15M grant from the National Science Foundation. The new funding round comes from technology growth equity firm RSTP.
“As a CB Insights client, we admired the company’s revenue-funded, disciplined approach to growth and product innovation. CB Insights’ predictive analytics reveal trends their customers might otherwise miss. This is a unique company with a massive market opportunity, and RSTP is thrilled to partner on their journey,” said RSTP co-founder and Managing Director, John DeLoche, in a statement.
CB Insights plans to use the funding for its research and development initiatives, and also aims to double its 60-person staff over the next year. On the R&D end, CB Insights’ new capabilities will include Ava, Mosaic, and CB Insights for Sales.
Ava is an artificial intelligence-driven networking bot that connects customers with other professionals over email. Mosaic is CB Insight’s new company-rating scales that aggregates data from the media, Twitter and industry-specific market reports. CB Insights for Sales is a predictive analytics tool that will help sales teams find companies to target.
As a company that helps investors, companies and the media predict what’s next in the market of emerging industries, CB Insights chose to raise money in response to a large market opportunity and strong SaaS metrics.
“What we’ve seen is that our data allows them to understand markets faster, make smarter acquisitions and investments, build better products, and stay ahead of competition,” stated CB Insights co-founder, Anand Sanwal, in a statement.