First and third-party intent data vendor Bombora closed on $20 million in growth capital financing from Runway Growth Capital. The cash infusion “will be used to help Bombora capitalize on market opportunities, build stronger partner relationships, and accelerate its pace of innovation.”
The funds will help them expand data partnerships across the sales and marketing ecosystem.
“We want to make it easier for brands and their agencies to use it in their own stacks and chosen solutions, and for our platform partners to enhance the value of their own offerings,” said Bombora CEO Erik Matlick.
The firm is also looking to “deliver solutions that enable addressable advertising across the cookieless landscape for publishers and partners alike,” Matlick told Adweek.
“The B2B intent data market is growing quickly, and marketers are seeking better, more efficient ways to identify and engage with in-market prospects. We have been impressed with Bombora’s expertise, and its ‘data collective’ approach really stood out to us in the market. This partnership adds to Runway’s already strong history of supporting key players in the data and marketing technology space and we are excited to have Bombora join our portfolio.”Mark Donnelly, Managing Director, Head of Origination at Runway
In other news, Bombora announced that it implemented BERT-based natural language processing in its intent categorization, resulting in a 26% increase in topic prediction. BERT (Bidirectional Encoder Representations from Transformers) looks at the context of each occurrence of a word.
“Bombora’s engineers and data scientists never stop looking for ways to serve our customers better,” said Bombora Data Science VP Nicholaus Halecky, Ph.D. “The BERT-based B2B Topic Classifier demonstrates a substantial performance increase in Company Surge intent signal quality, and we know this will improve our customers’ business results.”
The BERT implementation was spearheaded by former PwC and DialogTech data scientist Amber McKenzie, Ph.D., who joined Bombora as VP Data Science. BERT is an open-sourced NLP developed by Google. It was implemented in Google Search in late 2019 and has since been deployed by Microsoft, Facebook, LinkedIn, and Wayfair. BERT distinguishes meaning by assessing word order context, seeing the difference in meaning between “the stock of apples has dropped” and “Apple’s stock has dropped.”