Immensitas Private Limited has announced that the company has raised $2.3 million in pre-Series A funding for its marketing automation platform Lemnisk. The investment was led by Artha Venture Fund and DSP Investment Managers, with additional participation from LogX Ventures and Atrium Angels.
Lemnisk is a marketing automation solution that takes advantage of customer data to allow users to deliver personalized marketing and customer experiences. The solution pulls customer data from multiple sources to create a real-time customer view. The platform also uses its AI and machine learning capabilities to organize individual customer journeys to further emphasize data-driven personalization.
“This new round allows us to continue building on our ambitious vision of offering a platform that allows marketers to not just centralise customer data but also quickly act on real-time intelligence. Unlike other players who seek to rip and replace large marketing clouds, our approach is to help customers extract better outcomes from their existing investments,” said Subra Krishnan, CEO of Lemnisk.
The company aims to use the new funding to continue to fuel its product development and expansion into fresh markets. The funding round is Lemnisk’s second of this year from Artha Venture Fund and LogX Ventures, who each participated in an investment in July 2021.
With the new funding, Lemnisk stands with a great chance to expand into one of the fastest growing technology markets in the world. Global marketing automation software markets are projected to reach a size of $11.46 billion by 2027 with a projected CAGR of 17.67 percent.
Around the world, Lemnisk’s marketing automation tools support leading brands such as Citi Bank, Emirates NBD, HDFC Bank, Max Bupa Health Insurance, and Reliance General Insurance.
“We were very impressed with Lemnisk’s data-first strategy to build out their product. This is in stark contrast to the existing marketing technology ecosystem which took a channel-first approach and is now trying to reorganize around data,” said Sheetal Bahl, Partner, growX ventures.