Playnomics closes $5M Series B round of funding
Predictive analytics company Playnomics today announced it has secured $5 million in Series B funding, led by Vancouver-based Vanedge Group and also including existing investors FirstMark Capital and XSeed Capital. As a part of the investment, Vanedge Capital Principal Tony Lam will join the Playnomics board.
Playnomics has been building a name for itself with both its PlayRM Platform and PlayScience Engine, which are used by both game developers and consumer brands to increase user engagement and increase player retention/revenue. Playnomics’ partners take data scored from over 30 million monthly active players (and billions of in-game events) to group these users while providing predictive and personality scores. Using the tools in the PlayRM Platform, developers can segment and target existing players based on their in-app behavior, as well as targeting new users based on similar behavior patterns.
So far, the both PlayRM and the PlayScience Engine seem to be working to the satisfaction of Playnomics’ partners. A comprehensive list of all the company’s clients isn’t available, but we do know Playnomics is working with some big names in the social games sector like Peak Games (which has a user base larger than some social networks) and over 100 social, mobile and browser games have Playnomics’ technology integrated into them.
Prior to this, Playnomics had raised $3 million over the past three years. Playnomics CEO Chethan Ramachandran tells us game developers are extremely interested in the data mining capabilities of his company’s technology because, “every game has a natural audience and if you can find the natural audience for a game, then it’ll soar. We’re really focused on helping developers find that right audience —either the ones who are currently in the game and nurturing the people who are predicted to be their whales or who are predicted to highly engage— or helping them find a new audience that will be a good fit for the game.”
Likewise, Ramachandran says he’s thrilled Playnomics was able to receive funding from Vanedge, which was founded by Electronic Arts veterans Paul Lee and Glenn Entis. “It was very important to get foks who were from the industry and who get the industry,” he says. “When you’re trying to transform the economics of the industry, you want to get the people who were there before to tell you what has and hasn’t worked.”
Ramachandran tells us the money raised in this round of funding will be used to help Playnomics pursue a period of “aggressive growth” which will include adding core product features to its platform, finding good partners for its external ad network targeting and making inroads into regions like Eastern Europe, Asia and South America. While the company will keep its headquarters in San Francisco, Ramachandran does say Playnomics may set up some international sales teams outside of the United States.
“The problem we’ve seen in social and mobile games is that folks are looking at analytics on a game level,” Ramachandran notes. “They’re not looking at it on a player by player level.
“The way to make this industry really thrive over time is to give everyone with a unique idea and a unique game and a unique concept for an audience is to give them that audience. That’s our purpose in life.”