Soci, which counts Stanford's Daper Fund as an investor, has raised series C capital to build headcount and upgrade the AI underpinnings of its retail social media page management platform.
Soci, a US-based retail brand reputation management software publisher backed by Stanford University’s Daper Fund, has obtained $12m in a series C round led by venture capital firm Vertical Venture Partners, TechCrunch reported on Tuesday.
The deal was rounded off by growth equity firm Ankona Capital and VC firm Grayhawk Capital.
Founded in 2012, Soci runs an artificial intelligence (AI)-equipped software platform that lets retail chains oversee the online presence of multiple store branches across social media networks and other online sites.
The platform helps coordinate the local page for each store through shared content and centralised policy guidance, and incorporates chatbots to encourage deeper interactions with social media users.
The money will go towards developing Soci’s AI technology and building up headcount in sales and marketing.
Soci has now raised $30m in funding altogether, according to TechCrunch, including a $1.5m series A round in 2014 led by angel investor Peter Fisher and backed by Silicon Valley Growth Syndicate.
Stanford’s Daper Fund took part in an $8.5m financing in early 2017 also billed as series A that was co-led by Vertical Venture Partners and Grayhawk, with Peninsula Ventures and Tallwave Capital also participating, before a $10.5m Vertical-led series B round in August 2018 that included Grayhawk, Tallwave and Blossom Street Ventures.
