Tellius, an AI-based business analytics platform, has closed a $7.4m Series A funding round, led by Veraz investments.
As part of the funding, Rahul Sharma from Veraz Investments will join the Tellius Board of Directors. The Reston, Virginia-based company will use the funds to expand its sales and marketing efforts, as well as broaden and accelerate product development.
Led by CEO and founder Ajay Khanna, Tellius is an intelligent business analytics platform powered by machine learning which enables users to ask questions and get deep nights from their business data. The solution combines natural language search, automated discovery of insights, and predictive analytics.
Its insights engine claims to automatically analyse billions of data points and millions of combinations of data to discover correlations, patterns, and trends, surfacing insights that users might otherwise miss.
Tellius helps financial services companies by providing solutions for risk management, fraud detection, marketing and portfolio management.
It claims to enable users to increase their “risk intelligence” by clearly defining, understanding, and managing their tolerance for and exposure to risk. Through its platform, financial services businesses can gain visibility in managing the many types of risk in such key areas as operations, regulatory compliance, supply chain, finance, ecommerce, and credit. The company also enables decision makers to measure, quantify, and predict risk, and rely less on intuition to create a consistent methodology steeped in data-driven insights.
It also claims to help users identify fraudulent activity by enabling them to nuild machine learning models from transactional data to baseline and profile user behavior, evaluate incoming transactions in real-time, and prevent losses before they occur.
Khanna said: “We are excited to partner with Rahul Sharma, who supports our vision to utilize AI and machine learning to build an intelligent analytics platform on a big data architecture that is accessible to enterprises of all sizes. Our focus is on solving the analytical challenges many organizations have of quickly understanding what’s driving business outcomes without spending days or weeks in manual analysis or writing code.”
The General Data Protection Regulation (GDPR), which is regulation is intended to strengthen and unify data protection for all individuals within the European Union, comes into force in May 2018. It will directly affect every UK and European company and those businesses with EU citizens and carries heavy fines (up to 4% of a company’s global revenue). The regulation means that banks and other data controllers will have to fundamentally rethink the ways in which they collect and handle customer data.
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