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SAN FRANCISCO, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Today marks the formal launch of LAVA, the next generation software platform that turns real time enterprise data into instant business action using LAVA’s Realtime AI™. At launch, LAVA is focusing its first-of-its-kind data activation technology to transform real time customer experience marketing, with future plans to disrupt additional industries including connected supply chain, connected healthcare and beyond.
LAVA was co-founded by Vivek Ranadivé and Wen Miao. Technology pioneer Ranadivé, the founder and former CEO of software giant TIBCO Software, is widely credited with inventing real time computing, and has authored three New York Times best-selling books on the subject: “The Power of Now,” “The Two-Second Advantage” and “The Power to Predict.” Ranadivé’s technology transformed Wall Street trading floors and now powers the real time infrastructure for thousands of the world’s largest companies and government agencies. With the launch of LAVA, Ranadivé and Miao have introduced a brand new category of enterprise software: real time data activation. Miao, former SVP and General Manager of TIBCO, is a recognized technology leader and innovator in real time customer experience and engagement. Ranadivé will serve as chairman and Miao will serve as CEO. LAVA is headquartered in San Francisco, CA.
“In the same way that enterprises have customers, sports teams have fans,” said Ranadivé, who is also Chairman, CEO and Governor of the Sacramento Kings. “Fans are passionate...fans will support their team win or lose, and fans inspire new fans. With LAVA, world-class brands can now connect with their customers in the moment and turn every customer into a fan.”
LAVA has operated in stealth mode since its founding in 2016, and quietly built up an arsenal of customers that includes the most innovative brands in sports, live events, casino gaming, consumer packaged goods and retail. The company also announced today a partnership with industry giants STAPLES Center, Microsoft Theater, and L.A. LIVE. Additional customers include the Sacramento Kings, Detroit Lions, AEG Presents, Howard Hughes Corporation, The North Face, Hard Rock Hotel & Casino Lake Tahoe, Denver Broncos, Los Angeles Football Club (LAFC), Pegula Sports and Entertainment (owner of the Buffalo Bills and Buffalo Sabres), Las Vegas Aviators and Summerlin and Dignity Health Sports Park.
A New Era: Real Time Data Activation
Ranadivé and Miao founded LAVA to extend the real time computing paradigm, adding instant decision-making functionality, powered by Realtime AI™ , that will help businesses better connect with their customers. LAVA ultimately aims to usher in a new era of enterprise data and digital transformation: real time data activation.
“Two decades ago, we pioneered real time data integration and unlocked real time enterprise data for the very first time. In the past ten years, we have seen tremendous progress in the world of data analytics creating insights from this data. However, data and actionable insights do not act upon themselves,” said Ranadivé. “The future is about real time data activation — turning instant data into instant, intelligent action to make the biggest possible impact on your customers. Businesses will win and lose by their abilities to embrace real time data activation to engage their customers and improve their experiences in the moment.”
LAVA saw an opportunity in the exponential rise of internet-of-things (IOT) connected devices, which generate troves of real time data, and provide a channel for businesses to instantly engage with customers and deliver instant gratification.
“Connected devices produce incredible volumes of fast-moving data particles — small, fleeting pieces of data. These particles are everywhere and encapsulate profound customer insights, but its value expires quickly. Until now, there’s never been a way to intelligently act on this data in the moment of the customer’s experience,” said Miao. “LAVA is the first platform to instantly capture this data, make sense of it, and create actions that successfully surprise and delight customers — whether they’re in the retail store or shopping online; at a game or a music festival; or vacationing at a casino resort or a theme park. As a result, we are seeing significant interest from companies across all industries, all competing to provide superior customer experiences.”
Enhancing Guest Experience During Live Entertainment Events and Sports
With its initial focus on transforming customer experience marketing, LAVA is first launching its technology in sports and live events. The company’s launch comes during a time of much-needed innovation within the space, where the overall guest experience and analytics methods lag behind tech-driven advancements on the field and stage. The personalized experiences generated by LAVA are proving impactful — with conversion rates as high as 55% on promotions enabled by the platform, compared with an average conversion of 1% for email communications sent before or after an event.
“Today, the experience of attending a game or a live event is largely the same as it was decades ago, aside from the introduction of smartphones. Fans typically ‘check into’ the venue to unlock additional value. However, we see this as backwards. With LAVA, the arena now checks into you and puts the fan at the center of the experience,” said Miao.
Ranadivé is the Chairman, CEO and Governor of the Sacramento Kings, one of the most technologically advanced teams in sports worldwide. The Kings were one of the earliest adopters of LAVA’s technology, and served as an innovation laboratory to advance the platform’s capabilities for sports and other industries.
“With LAVA, we created the Sacramento Kings real time fan engagement platform that enabled us to connect with our fans in ways that were not possible before,” said Ryan Montoya, Chief Technology Officer of the Sacramento Kings. “We now know what our fans like and dislike, and we can surprise and delight them with personalized experiences that create memorable moments they’ll want to share with friends on social media. Ultimately, this heightened experience brings our fans back to the arena.” Montoya continues, “LAVA’s capabilities in sports can easily extend into other industries — such as retail, banks, telcos, restaurants, and hospitality — that can benefit from connecting with their customers in the moment.”
Instead of relying on complex user journeys, LAVA focuses on creating memorable customer moments that matter. With LAVA’s platform, marketers can activate these moments in mere minutes. To ensure frictionless fan experiences, LAVA works strategically with Apple and Google to express experiences through contactless and digital wallet passes that can be redeemed at any merchandise, concessions or partner point-of-sale systems.
LAVA is a next generation software platform that turns real time enterprise data into instant business action using Realtime AI™. LAVA connects world-class brands with their customers in the moment, whether they’re attending a game or a show, shopping in-person or online, or vacationing at a casino resort or theme park. The company’s platform analyzes real time data generated by internet-of-things (IOT) connected devices, such as digital wallet transactions and location information to create personalized moments that enhance customer experience, deepen brand loyalty, and generate incremental spend. For more information, visit www.lava.ai.
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