|Big Data Company Launchmetrics will help Luxury Brands in using big data for their market shares by allocating $50 million for their project. / Photo by: Pear285 via Wikimedia Commons|
A recent report posted on venturebeat.com discussed about Launchmetrics successfully raising US$50 million in venture capital in preparation to fast-track the overseas expansion of its big data analytics service for luxury brands worldwide.
The most recent round was led by the French state bank, Bpifrance, and included money from different companies such as Cipio Partners and Famillie C. The company’s tools offer help and support to companies in the fields of fashion, luxury, and cosmetics as they try to find effective influencers and recruit them for different kinds of digital campaigns they will launch.
The current CEO of Launchmetrics, Michael Jais, stated, “It really highlights the contribution we have been able to bring to our customers and the industry to date.”
Launchmetrics was created back in 2016, with the merger of Paris’ Augure, which was a developer of influencer marketing software, and New York’s Fashion GPS, which built technology focused on the fashion industry. Both of them were startup companies.
Based in New York, Launchmetrics plans to use their funds to be able to expand eastward towards Asia and Europe and to have a greater reach there as much as they have here.
This move will also include hiring at the minimum 150 new employees, investing in a multitude of products for development, and continuing their research into more complex algorithms for visual recognition. The new software is expected to have features, such as auto-tagging brands and specific products that can then be shared with others online.
The company also allows their consumers to measure their respective media impact online by being able to monitor thousands of media outlets, influencers, and targeted brands. The platform itself is constantly receiving and analyzing data on their focused targets to create information that allows their clients to adapt and streamline their own campaigns.