Anodot Raises $23 Million to Accelerate AI-powered Analytics and Anomalies Detection for Major Customers

By Sudipto Ghosh On Dec 21, 2017

The AI Analytics Company Increases Customers’ Bottom Line by Capturing Millions in Otherwise Lost Revenue and Opportunities; Triples Revenues

Anodot, the AI-powered analytics company, has 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 customers such as Foursquare, Lyft, Microsoft, Pandora, Kenshoo, Appnexus, Comcast, Upwork and Waze (Google), and is gearing up for further expansion in 2018.

In 2015, the company had announced that it closed a $3 million Series A funding round led by Disruptive Partners.

Mission 2018: Leverage AI for Business Intelligence and Detect Data Anomalies

At the time of this announcement, we spoke to Ira Cohen, Co-founder and the Chief Data Scientist at Anodot. Ira apprised us about Anodot’s goal to help data-driven companies to leverage their data for competitive advantage.

Ira said, “Companies in retail, software, gaming and other industries have access to so much real-time data and for the most part, the insights are hidden from view among dozens of dashboards, or they are overwhelmed with alerts. In 2018, we aim to educate the market that they do not need to wonder how they can build a solution to detect anomalies in their data by themselves; Anodot’s AI-powered analytics can do it for them.”

Anodot CEO and co-founder David Drai, said, “We are very excited by this new round of investment and see it as proof that there’s life beyond dashboards, with AI. 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.”

David Drai, who previously cofounded Cotendo (acquired by Akamai), teamed up with Ira Cohen, formerly Chief Data Scientist at HP, and software R&D executive Shay Lang to found Anodot in 2014, combining their collective experience managing huge software systems and the big data analytics required to understand them to solve one of the most costly problems plaguing the online realm.

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.

A Gartner Cool Vendor, Anodot Also Has AWS’ Machine Learning Competency

Anodot is saving its customers millions of dollars and increasing revenue opportunities for top-tier brands in e-commerce, 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 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.

Benno Jering, Principal at Redline Capital, said, “Business Intelligence presents a multi-billion-dollar market and Anodot’s differentiated approach adds AI to BI. 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.

Cure Blind Spots in Business with Real-Time AI Analytics and Automated Anomalies Detection

Currently, Anodot illuminates business blind spots with AI analytics, so companies will never miss another revenue leak or brand-damaging incident. Its automated machine learning algorithms continuously analyze all business data, detect the business incidents that matter, and identify why they are happening by correlating them across multiple data sources. Anodot customers in fintech, ad-tech, web and mobile apps and other data-heavy industries use Anodot to drive real business benefits like significant cost savings, increased revenue and upturn in customer satisfaction.

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; a fintech company to protect its revenue by reducing incident resolution time by 99%.