Provider of 1-to-1 web personalization solutions Magnify360 has announced $2.5 million of first round funding from MHS Capital. CEO Olivier Chaine stated that the funding will be used to attain the resources and capital necessary for the company to expand and establish itself in the growing industry.
The product can best be described as a web-based behavioral targeting platform. As a visitor browses a company’s site, information like the time of day, browser being used, clicking locations, and other forms of behavioral data are gathered. The system processes this data based on a predictive model, develops a profile for the user, and determines where they are on the buying cycle. With this information page content is displayed in a way that has received positive responses from users of a similar profile. In the end, users are more effectively engaged, leading to higher conversion rates and sales.
The key is segmentation of the user base and delivering results in real time. This allows the system to engage each individual user, and in turn provides valuable demographic information about a company or blog’s user base. Magnify360 hopes this will differentiate them from Omniture and the many other contenders in the industry. This investment marks the second investment in the space in the last week, following Marketo’s round of funding on August 8th.
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