Anodot Raises $35 Million in Series C Funding to Drive Autonomous Business Monitoring for Telcos and Digital Businesses
Intel Capital Leads Investment to Support Go-To-Market Activities and Global Expansion
Anodot, the autonomous business monitoring company, announced that it has raised $35 million in Series C funding, bringing the company’s total funding to $62.5 million. Intel Capital led the round along with participation from SoftBank Ventures Asia, Samsung NEXT, and La Maison. Existing investors Disruptive Technologies L.P., Aleph, and Redline Capital Management also participated.
Organizations are increasingly concerned with identifying and addressing business incidents in real time, particularly as markets and global conditions change. With Anodot’s autonomous monitoring approach, top-tier organizations can monitor business metrics, including revenue and costs, partners, and customer experience.
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To take advantage of the $30 billion business analytics market, Anodot leverages unsupervised machine learning to monitor an organization’s business metrics and proactively alert on potential issues. Anodot’s powerful platform, through granular monitoring and analytics capabilities, tracks more than 400 million metrics daily, driving four billion autonomous decisions.
“We strongly believe Anodot, with its machine learning-based monitoring solution, is in the position to help organizations save and optimize business costs. Intel Capital has been following Anodot closely and we are excited to see the continued progress of its platform,” said Anthony Lin, vice president and senior managing director of Intel Capital. “Changing market dynamics are going to force companies to become more efficient, and Anodot’s proven ROI model and impressive traction across its enterprise customer base is a game changer.”
Investment Director Roi Bar-Kat led the investment for Intel Capital and will join Anodot’s board of directors.
Anodot is delivering tangible business monitoring benefits to leading organizations, including Atlassian, Xandr, T-Mobile, Bird, and others. For example, with Anodot, a fintech company was able to detect a drop in payment success rate from a specific payment provider and correlate it with a new API version release. After being alerted by Anodot, the company fixed the glitch and saved more than $50,000 on that incident alone. Some of Anodot’s customers estimate millions of dollars in annual cost savings using the platform.
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“Temporary market conditions will not set back a future in which businesses will increasingly harness machine learning and autonomous technologies,” said Doug Henschen, vice president and principal analyst of Constellation Research. “These technologies are already being used to provide early warnings about changing business conditions and to act to avoid or mitigate undesirable outcomes. Anodot’s latest round of funding is a vote of confidence in that future.”
The capital will be used to support Anodot’s go-to-market activities, including expanding into new verticals, such as banking and financial services, and building ready-made business packages per use case, as well as increasing hiring across its global team.
“Today’s organizations are facing unprecedented market uncertainty, and many are struggling to achieve visibility into business incidents that cost money, impact third-party tools and platforms, and diminish customer experience,” said David Drai, CEO and co-founder of Anodot. “Anodot takes a new approach to business monitoring. By focusing on autonomous monitoring at a granular level, we’re able to deliver the right results in real time to help organizations take immediate action, avoid losses and stay on top of business success, especially in times of economic turbulence. We look forward to leveraging this new capital, and the experience of our investors, to further advance our platform, to expand our team, and to better help organizations effectively identify and address business incidents.”
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Anodot’s technology is also valuable beyond business use cases. With the COVID-19 outbreak, Anodot is leveraging its powerful platform to keep its employees and the public updated on the pandemic. Drai said, “We began using our own machine learning algorithms to track it, and quickly realized that lending the use of our technology to the global public is the minimum we can do to help during this very difficult time.”
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