Analytics co Flytxt mobilizes Rs 70 crore for software development

Flytxt CEO Vinod VasudevanFlytxt, a data analytics software company for the global telecom industry, has mobilized Rs 70 crore funding from DAH Beteiligungs.

The Netherlands-based data analytics software company plans to invest new funds in research and development (R&D) to develop new software products to for enhancing its growth in the telecom industry and expand to other industry verticals.

The funding will also help Flytxt to execute its order book of more than Rs 500 crore. Flytxt did not reveal further details on the funding. DAH Beteiligungs is a company related to the Hopp family office.

Flytxt offers customer data analytics product that can ingest, manage and analyze customer data to derive actionable insights. The product has built-in applications to leverage insights for digital customer engagement and digital services.

Flytxt said more than 50 telecoms and other enterprises have deployed this software product in 40+ countries. Flytxt and telecoms also provide brands and agencies with aggregated customer insights for executing targeted mobile advertising campaigns.

Flytxt, which started in 2008 with a vision to provide over 10 percent measurable economic value to enterprises using customer data analytics technology, claims that the solutions built using Flytxt’s software products and services have generated up to 7 percent measurable economic value for enterprises.

“This investment will help us to serve our customers efficiently as well as invest in R&D, and grow faster through cloud offerings and channel partnerships,” said Vinod Vasudevan, CEO of Flytxt.