Press release from Binary Fountain
Pioneer Venture Partners leads investment round, joined by undisclosed strategic investors across the healthcare and analytics industries.
Binary Fountain, the SaaS based social intelligence company, announced it has secured $5.7 million in funding led by Pioneer Venture Partners. This is the first round of funding for the company and will be used to further accelerate the company’s growth, consumer acquisition and technology development.
With this investment, Binary Fountain plans to hire a nationwide sales force to focus efforts in targeted verticals including Healthcare, MDU, Education and Media. This investment will also be used to enhance the company’s suite of cloud based social intelligence products. “We are thrilled to have this funding round completed so we can fully focus on growing our business. We have a strong foundation with our sales, service and product teams. This investment coupled with our innovative product roadmap will allow us to provide market leading services in each of our targeted sectors”, said CEO, Ramu Potarazu.
“Binary Fountain exemplifies what we look for in companies as investors: novel technologies applied to underserved and emerging markets,” said Kirby McDonald, Pioneer’s Managing Partner. “The increasing use of social media and its effect on products and services across multiple markets is staggering. The ability to parse large amounts of information in real time and provide that information in a way that is meaningful and actionable to operators is something that points to the direct need for Binary’s SaaS-based offering. We believe Binary has an enormous and broad application and we look forward to working with the team to realize this potential.”
As part of this financing, Ben Goux, Pioneer’s Chief Financial Officer and an Investment Partner will be joining the Board of Binary Fountain.
About Binary Fountain
Binary Fountain is a social intelligence company that extracts operational feedback from consumers and distills the data into actionable insights. The cloud-based technology platform enables organizations to integrate both social media content and survey data into their operational decision-making processes resulting in better consumer engagement and quality of services. The software platform disrupts the traditional processes, creating value for an entire organization’s ecosystem.
Binary Fountain’s enterprise suite of industry-specific social intelligence solutions enables leading organizations to improve the consumer experience across all touch points. Marketing, operations, and executive leadership use Binary Fountain to listen to, understand and take action on ever-changing consumer sentiments to benchmark performance against competitors and increase and sustain consumer loyalty, profits and market share. Binary Fountain’s flagship offering is a real-time solution that mines credible consumer feedback from social media and enterprise systems to equip brands, regions, and units with the actionable insights needed to improve guest satisfaction and loyalty, increase revenue and drive sustainable bottom-line results.
Presently, a number of consumer satisfaction focused organizations rely on Binary Fountain to understand the consumer perspective, act upon it and drive comprehensive operational intelligence throughout the service organization. To date, Binary Fountain has processed well over 3.5 million reviews for over 1400 locations.
For more information, visit Binary Fountain or e-mail media.BinaryFountain.com.
About Pioneer Venture Partners, LLC (PVP)
PVP, based in Kirkland, WA, is a closely held venture fund, focused on platform technology companies providing products and services to underserved and emerging markets.