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Micronotes to Scale AI-Enabled Marketing Platform with $3 Million in Funding

Cloud-based interview marketing company Micronotes has locked in $3 million in funding today, bringing the company’s total amount raised to $8 million. The round was led by TTV Capital, a VC firm focused on early-stage fintech companies. Vestigo Ventures, also an early-stage VC firm with a fintech focus, participated as well.

Micronotes will use the funds to scale its platform by bolstering the support of sales, marketing, and engineering. The Massachusetts-based company focuses on helping banks strengthen customer relationships with a platform-as-a-service (PaaS) that leverages machine learning to match customers with banking products and services.

The company offers three main products. The first is Cross-Sell, which helps banks cross-sell products by conducting a mini-interview with customers about their needs without disrupting core banking functions. NPS Module enables banks to individually measure the net promoter score for a large percentage of its user base, instead of just a small sample. And the Predict Module, which scores how relevant every bank product is to each customer, and help banks to anticipate their needs.

“Micronotes’ vision is to interview the world’s customers, all seven billion, starting with banking customers,” said Devon Kinkead, CEO and co-founder of Micronotes. “The team at Vestigo understands our mission and how data and technology can be applied to financial services to create better, stronger and more profitable customer experiences. We look forward to leveraging Vestigo’s strong operational expertise within financial services to rapidly expand into our beachhead market.”

Micronotes was founded in 2008 by serial entrepreneurs and MIT Sloan School alumni, Devon Kinkead and Christian Klacko. Ian Sheridan, co-founder and managing director of Vestigo Ventures, and a member of the Board of Directors for Micronotes, said that the two “represent the rare combination of deep expertise in AI with the ability to achieve superior business outcomes.” At FinovateSpring 2013, the company demoed how Alliance Federal Credit Union leverages its cross-sell capabilities. Last fall, Micronotes released free downloadable propensity scores to help banks access predictive marketing analytics on their clients.