Networked Insights, the developers of a marketing decision platform has raised $20 million in new funding led by Goldman Sachs Asset Management. This brings the startup’s total funding to nearly $30 million.
Founded in 2006, Networked Insights’ SocialSense platform analyzes social data help brands strategize and spend on marketing, advertising, research and product development. Networked Insights says it’s able to mine data from 750 million people and billions online conversations on a monthly basis, which enables marketers to harness insights and streamline research for future advertising campaigns. Networked Insights makes sense of this massive amount of data to figure out were brands should spend media dollars, whether that be TV, mobile, social etc.
To data the company has helped form $5 billion of media spend for companies like Samsung, MillerCoors, MTV Networks, Kraft and Starcom MediaVest.
The company says they plan to use the new funds to invest in developing machine learning technologies, sentiment recognition technologies, and more. Networked Insights will also be boosting its IT architecture.