Irish-founded software firm Qstream raises $4m in venture capital funding

Software company Qstream has raised $4 million (€3.3 million) in venture capital funding to accelerate its expansion in the predictive analytics sector.

The company, founded by Irish entrepreneurs Duncan Lennox and Barry Paul, uses mobile technology and gamification to help sales reps improve efficiency.

Its software platform, which launched in 2011, is used by more than 100,000 sales reps from companies such as Pfizer, Boston Scientific, Heinz and Oracle. The new funds represent the second tranche of a $6.85 million Series A financing, which includes $2.85 million closed in September 2013.

The $4 million in funding comes from new investor Excel Venture Management, with participation from existing Qstream investors Launchpad Venture Group and Dublin-based Frontline Ventures.

Excel Venture Management venture partner Gaye Bok said Qstream’s analytics platform is a “radical leap forward” in ensuring the clarity, consistency and quality of client interactions and sales coaching that drive high-performance teams. “Enterprises are moving quickly to leverage mobile investments and apply data to gain market advantage.”

Qstream chief executive Duncan Lennox said the company was pleased to add Excel Venture Management, which is an experienced life sciences technology investor, to its investor group.

Game mechanics

He said Qstream’s data-driven approach to managing sales rep performance aims to fundamentally change not only the way that sales reps are equipped for value-added conversations, but how sales management is conducted.

Simple game mechanics drive long-term user engagement, while the platform’s data engine sifts and analyses response data to provide continuous real-time management updates, comparisons and trends on team capabilities.

Spunout of Harvard University in 2008, Qstream has its European headquarters in Dublin where it employs 16 people. Part of the funding will be used to increase the number of staff employed at the company’s Dublin office by 35 per cent, with five new hires by the end of 2015.