Social Analytics Startup VoloMetrix Banks $3.3M
Enterprise social networking has arrived. Now what? SaaS startup VoloMetrix offers managers insights into how interactions can help boost business.
As enterprises grow more social, organizations can find themselves struggling to align their business goals with the near frictionless flow of information among their workforces.
VoloMetrix, a Seattle, Wash.-based social enterprise intelligence startup, is out to help businesses get a handle on their employees' social activities. It offers a software-as-a-service (SaaS) product that leverages Big Data analytics to help businesses glean potentially profit-boosting insights from interactions over social networking platform.
VoloMetrix CEO and co-founder Ryan Fuller lays out his company's case in a statement. "Across many of their corporate functions, large organizations are looking for tools to help them better align people resources with their most important business priorities," he said.
Increasingly, companies are baking social networking features into their productivity software. Notable examples include Microsoft in the wake of the Yammer buy and IBM's efforts to give email a social dimension.
How do managers know they work? Enter Volometrix.
How Does Volometrix Work?
Volometrix collects anonymous information from a business' social platforms, email, calendars and instant messaging applications in real time. The cloud-based application then performs analyses that show, for example, "how teams are allocating time, where collaboration can improve across the organization, and which important business topics need your response," claims Volometrix.
The platform serves up reports via charts and other user-friendly visualizations. Dashboards include Realtime Trending, Alignment Indexing and an Enterprise Sociograph, the latter of which offers insights into how teams are connected, giving managers a picture of how well they are collaborating.
Volometrix boasts that its app can improve productivity by up to 20 percent and "reduce operating costs by millions of dollars."
The technology has captured the attention of Shasta Ventures. The venture capital firm invested $3.3 million in VoloMetrix, atop an initial seed round worth $1.6 million in April 2012.
"VoloMetrix sits at the intersection of two mega trends in technology: Big Data and social analytics. By exposing new data and applying innovative algorithms, they are enabling their customer organizations to reduce cost, improve productivity, and deliver better results," said Shasta Ventures Managing Director Ravi Mohan.
The capital will boost VoloMetrix's efforts across practically every part of the business. In fact, the company has announced that it is hiring fresh talent to keep its momentum going.
"This round of funding will allow us to expand the functionality of our core platform, respond to growing customer demand, and optimize SaaS modules designed to specifically address the needs of sales, engineering, and IT functions," Fuller said.
Pedro Hernandez is a contributing editor at Enterprise Apps Today and InternetNews.com. Follow him on Twitter @ecoINSITE.