Toronto-based Canopy Labs, a predictive customer analytics company, has reached a milestone: it’s now regularly analyzing more than 100 million customer activities and transactions.
The Canadian startup, which helps mid-sized businesses build predictive customer models to prioritize sales leads and identify high-value customers, graduated from the Y Combinator program last year. In December, it raised $1.5 million, a round led by BDC Venturen Capital and included participation from Peter Thiel.
“Mid-sized businesses don’t need expensive, customized solutions to analyze and segment their customer records,” says Canopy Labs CEO Wojciech Gryc. “We offer our clients insights into their customer data that marketing or sales analysts can understand and use right away to make customers happier and increase their sales. We’ve launched analytics capabilities for our clients in under 24 hours.”
To mark the 100 million milestone, Canopy Labs launched a revamped website.
According to industry analyst IDC, the overall worldwide big data technology and services market is expected to grow from $3.2 billion in 2010 to $16.9 billion in 2015, representing a compound annual growth rate of 40%. Canopy Labs estimates there are approximately 90,000 mid-sized businesses that could use the company’s analytics platform.
“The response to our analytic services has been exciting. We’ve received a great deal of interest, from small brick and mortar stores to North America-wide retail businesses,” notes Gryc. “We are helping several online and offline retail operations analyze their customer data on a daily basis.”
Canopy Labs was founded by Wojciech and Jorge Escobedo. Wojciech is a former McKinsey consultant and Rhodes Scholar while Jorge, whose role at Canopy is chief scientist, has a PhD in theoretical physics.