$30m credit facility from SVB

$30m credit facility from SVB

Artificial intelligence (AI)-generated marketing campaign company Persado has unveiled a new product, along with a fresh $30 million credit facility to fuel further expansion, reports Julie Muhn at Finovate (Banking Technology‘s sister company).

Persado One, the new offering, provides personalised emotional engagement at scale. The company says the new development represents the “most significant advancement to date” of Persado’s AI platform. Available through the company’s enterprise level of service, Persado One uses deep learning algorithms to deliver personalised messaging to a customer based on their emotional profile.

The company is also launching a professional class of tools to help marketers predict response rates, generate higher performing campaigns, and refine language according to a brand’s style. At launch, the tools will be available for email and social media channels.

“The debut of Persado One and the expansion of Persado’s marketing language cloud solutions mark an important milestone for our company as we continue to reach a broader audience of marketers with tools to directly impact their business,” says Assaf Baciu, co-founder and SVP product and engineering at Persado.

Silicon Valley Bank (SVB) provided the credit facility, which Persado will use to “fuel the expansion of the Persado Marketing Language Cloud and further the rapid growth of the business”. Alex Vratskides, Persado’s co-founder and CEO, says: “As a bank built around supporting innovation, SVB is the ideal partner in our drive to challenge what’s possible in applying AI technology to marketing and beyond”.

Persado was founded in 2012 to offer brands insight into how consumers respond to their messages in different channels and scenarios. In 2016, it launched Persado Go, an automated solution that offers business customers persuasive messaging in real-time via a self-service interface.

Since 2016, the company says it has seen a 3.6 times increase in user numbers. Pesado counts Oracle, Salesforce, Cheetah Digital, and Oracle+Bronto as clients and has expanded to Europe, Australia, Mexico, Japan and South Korea.

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