BlueOcean raises a $30 million Series B round

  • BlueOcean provides marketers with brand insights drawn from metrics such as competitor financial performance and media spend.
  • The startup has raised a $30 million Series B round, led by Insight Partners.
  • See the key slides from the pitch deck he used to convince investors to back his latest fundraiser.

San Francisco-based AI brand strategy startup BlueOcean raised a $30 million Series B funding round in April, which it plans to use to develop a self-service model, introduce APIs for its data, and expand to Europe.

The company, founded in 2019, aims to provide insights for brand marketers based on quantifiable metrics of a brand’s performance. It does this through machine learning algorithms that combine sources like news, online media channels and forums in search of data, such as the financial performance of the competition, media spending and public opinion.

“One of the questions marketers ask me all the time is, ‘We have a brand crawler and I don’t know why it’s moving.’ So we’ve been focused on, ‘Let me tell you why,'” he told Insider its co-founder and CEO, Grant McDougall.

McDougall said today’s marketers have a plethora of tools at their disposal, but the resulting data is fragmented. BlueOcean’s platform tells marketers how to best use these tools, such as their paid advertising or content strategy, based on market data and competitor moves. It then spits out a “BlueScore,” which helps marketers understand the strength of your brand.

For example, if it detects that a brand is spending less than a competitor, the tool will suggest increasing spending on paid search or changing the brand’s content mix on social media.

“We often work with product marketers and say, ‘Change your message to include collaboration,’ very directly, very differently than a traditional brand tracker, who would say, ‘Consideration is up two notches,'” he said. McDougall.

McDougall sees applications for BlueOcean data beyond brand intelligence. For example, financial service providers and venture capitalists could access anonymous brand data to help them make investment decisions.

BlueOcean counts companies like Microsoft, Riot Games and Bloomingdale’s among its 84 enterprise customers, McDougall said.

The round was led by Insight Partners, with participation from FJ Labs. The company has raised $50 million in funding to date.

Take a look at the key slides from BlueOcean’s Series B investor platform.

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