BlueOcean raises $30 million for its AI-based brand intelligence platform – MovieUpdates

Today more than ever, the medium is the message, and brands are faced with a challenge – but also an opportunity – to capture what consumers think of them and their products if they can leverage and better understand those messages, through whatever medium. that is used to deliver them. Today, a company called BlueOcean, which has built an artificial intelligence-powered platform it says can produce those insights, is announcing $30 million in funding, money it will use to further expand its technology after the rapid expansion. grow.

Insight Partners led the round, which also included FJ Labs. The valuation is not disclosed.

Digital life as it is today has created a perfect storm (heh) for BlueOcean. We are spending more time online than ever before, and the number of places where we can come across a product or service has also increased: social media feeds are noisy with ads, content that feels like ads, lots of opinions; we do most of our news, information and entertainment online; we shop there too; and many of us also spend our days working in cyberspace.

That’s a lot of real estate where a brand (or a brand’s competitors) can potentially appear, intentionally or unintentionally, and more likely than not in a form beyond that brand’s control.

“Fragmentation is a huge driver,” Grant McDougall, the CEO who co-founded the company with President Liza Nebel, said in an interview. “There are silos across the company and what we do is on top of that, to provide a common language to understand and interact with, say, both the CFO about the revenue team and the loyalty teams about messaging.”

At the same time, the tech industry that has built up all those online experiences has also built a huge amount of tools to better parse what’s going on in that universe. AI plays a big part in that navigation game: it’s too much for a single human, or even a large team of humans, to dissect; and so a company like BlueOcean building technology to do some of that work for marketing professionals and others to have better data to work with becomes very valuable.

That has been a very important evolution for the startup.

We last covered BlueOcean in 2020, when it focused on a narrower concept of digital brand identity: a company provided its website and a list of competitors, and a week later, for $17,000, BlueOcean provided customers with brand audits. including lists of useful items to improve or completely change. (In contrast, brand audits for major brands can cost millions of dollars and usually don’t include specific areas for improvement.)

Fast forward to today, and the company has expanded the scope of what it does for customers, and its overall engagement: its AI algorithms and big-data ingestion engine are now focused on providing continuous feedback to its customers, who subscribe to the service on fees starting at $100,000 per year. They use BlueOcean not only to measure their overall brand recognition in the market, but also to track how specific products are performing; which launch strategies work and which do not; and the impact of different campaigns in different markets in real time so they can change and react faster.

“A lot has changed,” McDougall said. “We are an AI-powered brand intelligence platform. Access to insights and what competitors are doing is more relevant than ever today. What we do is collect information about brands publicly and help them understand their performance against competitors, to help them take action to improve their brands to gain market share.”

Interestingly, just as the Covid-19 pandemic has been a huge boost for e-commerce and more broadly online consumption of everything, it has also played a strong role in the growth of BlueOcean and the approach it takes. In the world of fast-paced and constantly changing and updated information, big-picture insights can make more sense than no picture at all, or a slow-down for more detail.

“Covid has shown that speed is more important than accuracy,” Nebel noted. “We have data” [to shape better] tendencies now. It’s about making changes to seize opportunities.”

That concept also clicks with its investors.

“Having invested in hundreds of the world’s most well-known brands, we know that accurate and fast data is essential to the health of a brand. We have extreme confidence in blue ocean and we are excited to include them in our investment portfolio,” said Fabrice Grinda, founder of FJ Labs, in a statement.

BlueOcean still provides core competitive analysis, but builds those lists of other companies and the data produced about them with its customers, based in part on where the customer sees and would like to see themselves; and also where it is as a brand in the real world.

It’s also expanded its customer list: it now works with 84 brands, which might not seem like much, except they’re some of the biggest companies in the world — including Microsoft, Google, Amazon, Diageo, Cisco, Bloomingdales, and Juniper Networks (among others). who can’t name it) — and together represent what BlueOcean describes as $18 trillion in value and more than 6,000 brands — a list that investors believe will grow in line with how the Internet itself is growing.

“After leading blue oceanIn the Series A round, we are proud to also lead their Series B to help them scale and serve even more brands,” said Whitney Bouck, MD at Insight Partners, in a statement. “As a former CMO, I know that marketing is constantly challenged to deliver real ROI on brand marketing. blue ocean gives marketing leaders, for the first time, quantifiable and actionable insights about brand performance that we know is groundbreaking.”

Show Love ❤️