Investors are putting $10.7 million into TrendKite, an Austin company that helps companies gauge the effectiveness of their public relations efforts.
TrendKite plans to use the new funding to accelerate product development and more than double its 70-person workforce.
Founded in 2012, the company makes analytics software that lets agencies and corporate brands measure and analyze the impact of their print, broadcast and online media coverage.
Noro-Moseley Partners of Atlanta was the lead investor in the deal, with participation from Battery Ventures, Silverton Partners and Mercury Fund. TrendKite has received $20.6 million in funding since inception.
TrendKite has signed on more than 400 customers including Nike, Hershey, Pinterest and the NBA's Memphis Grizzlies. Sports teams like the Grizzlies use the software to track everything from what's being said about their players to fan sentiment and the overall perception of the brand.
"We have customers that literally have a screen that tells them every time a cash register rings because of the media, " said Erik Huddleston, CEO of TrendKite. "This round, combined with the last, gives us the foundation needed to scale our company for future growth."
Huddleston was named CEO in June 2014. Prior to that he was executive vice president of products and chief technology officer at Dachis Group, which operated a data analytics platform to monitor social media activity and was acquired last year by New York-based Sprinklr.
TrendKite is hiring in a range of areas including development, sales, marketing and customer support. The company recently moved to a larger headquarters in downtown Austin and will soon need additional space, Huddleston said.
"Our plan calls for more than 100 new hires over the next year , " he said.
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