Tandem Executives Raise 1 Million Dollars

tandem startup logoA few high-level employees who left Grooveshark back in 2012 have already raised $950,000 for a new startup called Tandem. The service combines analytical data, sales information, and surveys to help e-commerce companies better understand their customers’ shopping behavior and motivating interests for purchasing.

Data Mining Done Right

Companies with thousands of customers have a huge pile of data waiting to be mined but may lack the resources to get access to that information and make sense of it all. Tandem draws that data from a company’s historical sales information and then consolidates it all into one seamless and intuitive dashboard. Tandem gives you the ability to sift through useful charts, important insights, and smart segments of your company’s customer base, all from one integrated location.

Once Tandem has divided your customers into manageable and helpful subsections, it will send them “persona surveys” to figure out more information about their shopping habits, interests, and driving motivations. These email surveys take advantage of promotional offers in order to encourage the highest response rate possible.

The best part is that all of this data is ultimately connected to a company’s customer base (i.e. their email addresses.) So if there is ever a question about what a chart is implying or why you had a spike or drop in sales, you can dig deeper by sending surveys and asking questions. The longer-term goal for Tandem is to get even smarter about reacting to the data and dig deeper into customer behavior, personality, and purchasing habits.

Tandem’s Competition

The idea for Tandem came when Grooveshark employees, including former Chief Revenue Officer Isaac Moredock, realized how difficult it was to compile customer information and make sense of it all. The employees left in 2012 to pursue Tandem and have been perfecting their service since then, including a successful beta testing this summer.

Tandem faces competition from other survey sites, like SurveyMonkey, as well as analytical engines and consulting firms. But Tandem hopes to distinguish itself with its smart, automated software and clean, intuitive interface. Surveys are important, but they’re just a part of Tandem’s equation that gives insight into customer engagement and purchasing motivations.

The 9-person Tandem team secured the $950,000 investment from The Institute for Commercialization of Public Research and other angel investors. Tandem’s pricing starts at $200/month for businesses with a 20,000 customer base, and starts at $595/month for those with up to 100,000 customers.