UpWest Labs Startup Qlika Closes $1.7M in Funding

Very excited today to announce with Qlika their initial funding of $1.7M from great investors Hillsven Capital and other prominent angels.  The founders Omri Morgenshtern, Ittai Chorev and Idan Zalsber participated at UpWest Labs batch #4 and quickly emerged with strong offerings to a growing customer base. 

Here is the full announcement.  Also great coverage in TechCrunch.

 Qlika announced $1.7M in funding for its next generation marketing management platform today. The company, a graduate of the UpWest Labs accelerator, secured funding led by Hillsven Capital joined by prominent angels Payam Zamani (CEO Reply.com) and Michal Tsur (CMO Kaltura).

Qlika provides management solutions to the rapidly growing $100B online marketing opportunity, focusing initially on the $40B spent on search marketing. Its algorithmic approach has already delivered tremendous value to several major US advertisers, resulting in increases of 50% in ROI.

“You’d be surprised how much inefficiency exits in the online marketing of enterprises, even with highly experienced teams spending millions of dollars. This is especially true when dealing with mobile devices and the localization signals they provide. Qlika’s platform captures and leverages all of these signals with a breakthrough level of automation and algorithm-based decision making,” said CEO and co-founder Omri Morgenshtern.

While most companies create huge national marketing campaigns using uniform bids and goals throughout the country, Qlika’s platform focuses on the optimization of every “micro-market”. This results in the automatic creation of thousands of geo-targeted campaigns with automatic keyword expansion which are then individually optimized taking into consideration the local goals, performance and competition in every micro market.

 “We believe the next phase of growth in this market is being constrained by the lack of appropriate tools to manage the exponentially increasing complexity of hyperlocal,” said Boris Putanec of Hillsven Capital.

Qlika was founded by Israeli entrepreneurs Omri Morgenstern, Ittai Chorev and Idan Zalzberg and has recruited an exceptional development team with an extensive algorithmic background. The company has created patent pending technology, based on the team’s expertise and experience in machine learning, statistics and big data gained while serving in the Israeli Army Intelligence Corps.