Sydney-based Pendula raises $14.5 million to expand into Asia and Europe
Picture credit: provided In the photograph, we can see Yann Burden, who holds the position of Chief Growth Officer, Greg Cullen, who is the Chief Revenue Officer, and Alex Colvin, the CEO and Founder.
Pendula, a scale-up company located in Sydney, announced on Monday that it has successfully concluded a funding round amounting to $14.5 million. This financial injection will enable the SaaS software business to broaden its operations internationally.
The customer involvement company, which was recognized in the 2022 Smart50 Awards, plans to establish additional offices in London and Singapore. This move is part of their strategy to achieve substantial growth in the southeast Asian and European markets by the conclusion of the 2024 fiscal year.
Pendula's software for maintaining customers makes use of cutting-edge data analysis and creative artificial intelligence to aid businesses in decreasing customer turnover and maximizing the value they bring throughout their relationship with the company. This, according to Pendula, will assist clients in successfully navigating an anticipated decline in the worldwide economy.
In addition to MA Growth Ventures, Octopus Ventures, a primary investor from the UK, also joined the funding round.
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In 2017, Pendula was established by its Chief Executive Officer, Alex Colvin. The company had previously secured funding worth $3.5 million in 2019 and $6.75 million in 2021, with earnings of around $3 million during the financial year of 2021-22.
According to Colvin, the business has surpassed his expectations over the past year.
"He expressed to SmartCompany that Pendula has experienced an extraordinary period of expansion."
Over the past year, both our business in Australia and our international operations have shown significant sales stability and expansion. We have successfully surpassed our previous year's growth rates, which is a testament to our consistent progress.
"We have also enlisted the expertise of accomplished executives such as our chief revenue officer, Greg Cullen, who have played a crucial role in preparing us to thrive and successfully vie in the international arena."
According to Colvin, the company's main focus is on capturing the markets in the United Kingdom and Southeast Asia initially.
"The increase in our business will involve expanding our achievements to foreign markets, each with their distinct characteristics and idiosyncrasies," he explains.
In today's contemporary society, businesses all over the world are faced with a common challenge - how to maintain their customer base amidst an unpredictable economic landscape. This happens to be an area where we thrive, making it an opportune moment for us to seize.
According to Colvin, Pendula is constantly growing its platform, incorporating six novel generative AI 'intelligence' units that can be employed in its Pendule Experience and Workflow Studio. He further explains that these units can be classified into three groups: generating content, establishing purpose, and addressing general inquiries.
According to Colvin, the functionality that most consumers are well-acquainted with revolves around the ability to create content.
"We are excited to announce that our customers now have the option to create custom requests for any task using our versatile prompt feature. Whether it involves categorizing data, implementing a Next Best Offer strategy, conducting yield calculations, or conducting an exclusive A/B test, the possibilities are endless!"
In the end, according to the co-founder, the startup's adaptable expertise and efficiency in carrying out tasks are giving our customers the ability to achieve quicker decision-making and genuine, highly personalized experiences during every important interaction with their own customers.
