Anodot, the AI-powered analytics company, today announced a Series B round, bringing its B funding total to $23 million. The additional $15 million investment was led by Redline Capital Management together with existing investors Aleph Venture Capital and Disruptive Technologies Venture Capital. Over the past year, the company more than tripled its revenues, with its customers and is gearing up for further expansion in 2018.
Headline-making glitches that interrupted sales for major retailers on Black Friday and frustrated thousands of shoppers illustrate the severe damage to revenue and reputation that these often hidden issues cause. Anodot’s patented solution enables businesses to track and correlate massive volumes of business and technical data in real time to identify these business incidents.
Anodot is saving its customers millions of dollars and increasing revenue opportunities for top-tier brands in ecommerce, retail, Internet, mobile and other industry segments. The company is one of 17 globally to have achieved Amazon Web Services’ Machine Learning competency announced last month at its re:Invent conference. It won Ventana Research’s “Digital Innovation Award in Analytics” and was recognized as a Cool Vendor in Analytics by Gartner.
With the new investment, Anodot will open offices in London and APAC, grow its US team, and invest significantly in sales, marketing and customer success, while continuing to innovate in its machine learning platform.
“Business Intelligence presents a multi-billion-dollar market and Anodot’s differentiated approach adds AI to BI,” said Benno Jering, Principal at Redline Capital. “Traditional BI focuses on dashboards and other tools that analyze historical data, focusing on specific portions of data and addressing pre-defined queries. Anodot addresses a completely different need by surfacing the issues you wouldn’t know to ask about, across constantly changing massive amounts of data. Anodot’s analytics provide the full picture across all data at a granular level so companies can understand what’s going in every market, with every product, across every device.”
The most diligent BI and monitoring teams using traditional visualization tools will still miss important issues that affect their quality of service and operational efficiency. By automatically delivering actionable alerts in real time with proprietary AI technology, Anodot prevents revenue loss, reputation damage and end-user frustration. Anodot’s insights enabled a retailer to update its pricing to address competitor’s bidding activity that was affecting product revenue; a mobile games company to resolve customer engagement drops resulting from its AB tests; and a fintech company to protect its revenue by reducing incident resolution time by 99%.
It is crucial for retailers to use the appropriate BI tools, which can produce reports for further anaylsis. BI reports can further be used to compare business over the years, impact of products promotion, shopping trends of a customer etc. All these can help retail business owners to take smart and quick decisions which can fulfill customers, market and business needs.
“We are very excited by this new round of investment and see it as proof that there’s life beyond dashboards, with AI,” said Anodot CEO and co-founder David Drai. “Our rapid growth and the adoption of our technology by so many recognizable brands is a testament to the value of leveraging automated machine learning to create a new type of analytics solution.”
By Lolita A. Alford