Private equity firm Idinvest Partners invested $20 million in the Series B round of social media monitoring firm Synthesio, a statement about the funding said.
Proceeds from the most recent financing round will be used by Synthesio for research and product development. It will also go to the growth and development its worldwide team working in its New York, London, Paris and Singapore offices, the statement said.
Synthesio Co-Founder and Chief Executive Officer Loic Moisand said in the statement, "Idinvest Partners really understands our offerings, philosophies and goals. We are very proud of their support and excited by what we will build together."
Synthesio provides businesses with a platform where they can track and look into the conversations going on about their brand in various websites such as social media, forums, blogs, consumer review sites and mainstream media websites in 200 countries and 50 languages. With the information that they get from the platform, brands are able to get critical insights into the wants, needs and feedback of their target market, the statement said.
In the first quarter report for 2014 of The Forrester Wave: Enterprise Listening Platforms, Synthesio got the highest rating compared to its peers because of its "advanced data processing capabilities, user-friendly dashboards, and strong integration and partnership plans." It was also identified as one of the 50 most promising UK tech firms in the Future Fifty programme. The SVC2UK Top 100 Club also placed Synthesio among the 100 "most innovative, high growth ventures in the UK." Gartner's Who's Who in Social Media Analytics also names the startup among the top choices for firms that want to "monitor and analyze social media on a global scale," the statement said.
Last year, Synthesio posted a 100% growth in terms of its clients and revenue. It was also able to ink a strategic partnership agreement with IBM Connections, the statement said.
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