AI-powered analytics company Anodot has netted an additional $15m to its Series B round, which now totals $23m.
This investment was led by Redline Capital Management, investing alongside existing investors Aleph Venture Capital and Disruptive Technologies Venture Capital.
Anodot uses AI analytics and automated machine learnigng algorithms to search through business data to detect business incidents and identify why it happened. The solution is used across a range of verticals including FinTech, ADTech, Media, IoT, Web Business, Digital Entertainment, Telecom businesses.
For FinTech companies, the technology can help alert businesses of incidents such as a loss of connectivity or a dropped payment, so it can be fixed as quick as possible.
Over the course of the year, the company more than tripled its revenues, attaining customers like Foursquare, Lyft, Microsoft, Upwork and Waze (Google). The company is also looking to further this expansion in the next year.
The new batch of funding will be used to open offices in London and APAC, while also growing its US team. Equity will also be used to support sales, marketing, customer success and machine learning innovation.
Redline Capital principal Benno Jering said, “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.”
This injection of capital brings up the company’s total funding efforts to $27.5m, with Anodot raising $8m last year in its initial Series B round. The company’s previous investment was led by Aleph Venture Capital and Disruptive Technologies Venture Capital.
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