Competitive Intel Firm Crayon Raises $22m

US-based competitive intelligence platform Crayon will draw on $22m in new Series B funding to accelerate product development and expand its team.

Founded in 2014, Boston-based Crayon uses a variety of machine learning techniques to help businesses track and analyze market movements concerning their competitors, customers and partners. The firm also produces an annual State of Competitive Intelligence Report, surveying more than 1,000 companies to uncover best practices in the field.

New funding has been led by Baird Capital with participation from Baseline Ventures, Bedrock Capital, C&B Capital and Oyster Funds, and brings the total the firm has raised to date to $38m. Benedict Rocchio, Partner with Baird Capital and new Crayon Board member, comments: 'As a long-time active investor in the marketing technology space, Baird Capital saw the clear need for how Crayon's approach streamlines the vast amounts of data with a single source of truth for all competitive insights'.

The company, which is led by CEO Jonah Lopin (pictured), is online at www.crayon.co .