Lamplight Analytics, a social intelligence platform that analyses data on Asian social networking services, secured US$1.49 million in seed funding led by Vectr Ventures and other undisclosed private equities.
The seed funding will be used to develop the team and secure more clients in the Asian market.
More than half of the world’s active social media users live in Asia, with the use of social data growing at least 10 per cent annually, according to research by Lamplight.
Lamplight’s Asian language processing technology analyses data from social media sources to give marketers, strategists and business leaders brighter insights. The startup operates on a SaaS platform and is able to connect to mobile and other devices.
Demystifying Chinese social media such as Sina Weibo or WeChat, among the dozens of platforms that spring up, is often a hurdle faced by many companies looking to expand into Asia. But tapping into such media is crucial, especially as American social media sites such as Facebook and Twitter are banned in mainland China.
Asian languages covered include not just Mandarin, but also Cantonese, Korean, Japanese, Malay and more.
“We want to help companies understand the Asian consumer,” CEO Sam Olsen told e27, adding, “Some companies might otherwise think of Asia as a blocked economic opportunity. But we want to make it less of a deterrent to start up here.”
Funding wise, this amount puts Lamplight Analytics up to speed with other startups based in Hong Kong such as Notey, which raised US$1.6 million in seed funding early this year.
Olsen hails from the UK but has lived in Hong Kong for almost two decades. He started Lamplight Analytics alongside Co-founders Fergus Clarke and Nathan Pacey.
A prominent client of Lamplight is Live Nation, known as the world’s largest live music company.