New York companies are pulling in venture capital

New York-based customer service company Kustomer has secured $40 million in Series D funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced on May 29.

According to its Crunchbase profile, "Kustomer was founded by a team of industry veterans who know this space like the back of their hands. They have built some amazing companies in the past and have sold five companies to some of the biggest names in the business."

The four-year-old startup has raised four previous funding rounds, including a $35 million Series C round earlier this year.

The round brings total funding raised by New York companies in software over the past month to $856 million, an increase of $299 million from the month before. The local software industry has seen 543 funding rounds over the past year, yielding a total of $8.9 billion in venture funding.

In other local funding news, video editing company Vectorly announced a $500,000 pre-seed round on May 22, led by TiE New York.

According to Crunchbase, "Vectorly is a video compression startup from MIT, whose vector encoding technology can compress videos by up to 50x while also improving visual quality. Vector encoding is particularly effective for animations, screencasts and anything not recorded with a video camera (10 to 15% of video on the internet). Video platforms can license their software or use their APIs to compress their videos, reducing CDN costs and improving end-user experience."

Founded in 2016, the company has raised two previous rounds, including a $75,000 grant in 2017.

Meanwhile, cloud data services company Chronograph raised Series A funding, announced on May 28.

From the company's Crunchbase profile, "Chronograph provides market-leading portfolio monitoring, reporting and diligence tools for private capital investors."

Chronograph last raised seed funding in 2017.


This story was created automatically using local investment data, then reviewed by an editor. Click here for more about what we're doing. Got thoughts? Go here to share your feedback.