Crowdcast Raises $6 Million For 'Social Business Intelligence' Solutions

Crowdcast, a provider of social business intelligence (SBI) solutions, has raised $6 million in Series A funding. The round was led by Menlo Ventures, with participation from Alsop-Louie Partners.

The company’s name is a combination of the words ‘crowd’ and ‘forecast’, and its self-declared goal is to help companies find out what their people really know about their businesses, in order to make better strategic leadership decisions.

Crowdcast’s solutions, composed of a SaaS software platform, consulting and support services – aim to bridge the gap between traditional business intelligence and enterprise social network applications. The idea is for businesses to align their employees with the purpose of the company, bringing all their insights, plans and experience together in one place, all in order to create “insanely accurate” business predictions and outcomes.

Founded in 2007, Crowdcast is based in San Francisco. In the past six months, Crowdcast has launched the Executive Dashboard, designed to help decision-makers analyze employee forecasts, and has also announced partnerships with SAP BusinessObjects GRC Solutions, Brightidea and Peer Insight.

The company’s first round of funding is meant to accelerate sales and marketing efforts for Crowdcast’s Social BI platform and expand integration programs with complementary enterprise solutions and channel partners.

Customers include MIT, Hallmark, GM, EA and Harvard Business School.

Crowdcast is led by CEO Mat Fogarty, previsouly Director of Corporate Financial Planning at Electronic Arts, where he played an instrumental role in the use of prediction markets.