Well, there goes the notion which contends that only the big firms with big IT departments to manage oversized information data, expensive software to crunch it and data scientists to analyse it, can become a data “mine”!
Things are far from that and that became clear in practice by Futurelytics, a Czech startup company that is leading the next generation of data analytics.
Futurelytics announced that it raised $800k to bring easy-to-use prescriptive analytics to companies of all sizes. The financing round was co-lead by Index Ventures and Credo Ventures. Other investors include Kima Ventures and business angel Rob Keve (former CEO of FizzBack). Orrick London has been legal advisor in this deal.
Up to now, most businesses already have customer data in various cloud services. What Futurelytics does in a different way is offering a very simple way to analyse those data sets and immediately take actions that will directly impact business that use Futurelytics’ solutions!
Futurelytics’ platform provides businesses with a plug-and-play solution that taps into existing data sources such as CRM systems or e-commerce solutions. It leverages behavioural patterns hidden in the cloud to rate customers, group them into segments and instantly provides recommendations on how the company can increase revenue, improve customer retention and acquire new customers.
Futurelytics made a very proactive entry as a startup company one year ago, when it became the first Czech company to win $65k in initial funding from Seedcamp, Europe’s leading early-stage micro seed investment fund and mentoring program.
“The next stage (for data analysis) is prescriptive analytics, which is what Futurelytics does, as it actually recommends actions to be taken, in essence running campaigns for companies. We believe this is extremely powerful”, commented on the financing round Jan Hammer from Index Ventures.