BC-based crowdsourcing software company, Thoughtexchange, has raised $20 million in Series B financing.
The round was led by Information Venture Partners, with participation from existing investor Yaletown Partners and new investor, Seattle firm, Voyager Capital. Thoughtexchange CEO Dave MacLeod said the crowdsourcing software is attracting attention and capital because it allows leaders to tap into a goldmine of insight on any subject at any time.
The Series B follows 11 months after the startup raised a $4 million bridge round.
“The way leaders succeed is evolving fast,” said MacLeod. “People want to actively help solve the challenges their organizations face and invest in a greater mission. That goes beyond participating in the odd focus group or survey.”
Thoughtexchange, also known under its legal name Fulcrum Management Solutions, allows leaders and employers to ask open-ended questions to groups ranging from 10 to 100,000 people. The software then uses data analysis and artificial intelligence to provide insights to leaders helping them create organizational change. Use cases include revenue leaders learning what sales teams need to meet their targets, or development leaders learning about what’s important to those undergoing organizational change.
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The product’s users include Fortune 500 companies like Allstate Insurance and American Airlines, in addition to companies like Looker and Frontier Communications. Founded in 2009, Thoughtexchange’s team currently sits at 140 people. Prior to this Series B, Thoughtexchange raised a $7 million round in 2015 and a bridge round in January, which totalled to $4 million. In 2014, the company was listed as an up and coming company by ‘Ready to Rocket,’ a business recognition program for BC’s tech sector that showcases “revenue growth leaders.”
“We are excited to join the Thoughtexchange team to help expand the footprint of this revolutionary approach to sharing ideas,” said Robert Antoniades, general partner of Information Venture Partners. “In the decades that we have tracked new technologies, never have we seen something so simple have such a remarkable impact extracting the best ideas from your most important assets, your teams.”
Image courtesy Thoughtexchange