today announced that Softbank Europe Ventures and the Israeli fund STI Ventures closed a $7 million round of financing.
The startup will be using the proceeds to fund the commercial launch of its strategic customer insight management software in Europe and North America.
iSeg software helps improve insight into customer needs. It helps marketing, sales and product development teams to identify the best customer segments, to understand their wants and needs, and to tailor products and services to those specific segments. This insight helps iSeg's clients increase revenue by retaining the right customers, and selling them the right products at the right time and price.
iSeg Technologies secured its first round of investment from STI Ventures in early 2000. It has since opened offices in Germany, the United Kingdom and the United States, while building out the development team in Israel. iSeg's initial industry focus will be the wireless sector, where operators are looking for a solution that will help them recoup the investments that they have made in 2G and 3G licenses and infrastructure.
Softbank Europe Ventures' backing is central to our next stage of growth launching the wireless vertical and then rolling out into other industry verticals, says Alex Verjovsky, CEO and founder of iSeg Technologies. He said that STI Ventures had introduced the company to Softbank.
We look forward to working with SOFTBANK Europe Ventures to aggressively introduce our strategic customer insight suite to the European and North American markets, Verjovsky added.
Our investment decision was based on our belief that iSeg will revolutionize the practice of marketing, product development and sales, said Marc Zugel, Managing Director of SOFTBANK Europe Ventures.
iSeg Technologies, founded in 1999, employs over 50 people in a development center in Israel and branch offices in Germany, England and the United States.