Crayon to Draw On $6m in New Funding

In the US, market and competitive intelligence provider Crayon has raised $6m in a Series A round of funding, which it will use to double its team and support growth across engineering, services, sales and marketing.

Founded in 2014, Crayon uses uses a variety of machine learning techniques to enable businesses to track and analyze market movements from their competitors, customers and partners. The firm also produces an annual State of Competitive Intelligence Report, which uncovers best practices in the field of market and competitive intelligence from more than 1,000 professionals working in the sector.

New funding has been led by Bedrock Capital with participation from existing investors, including Baseline Ventures, Converge, Box Group, Oyster Funds and both new and existing angel investors. This brings the total raised to date to $16.1m, including $3.35m in seed funding secured in 2016. Eric Stromberg (pictured), co-founder and partner at Bedrock Capital, comments: 'Crayon solves the other part of the equation by giving companies software-driven insight into everything happening beyond their four walls. We're excited to partner with the Crayon team as they build a category-defining company and bring real-time market intelligence to every organization'.

Web site: www.crayon.co .