Anodot, the Redwood City, California-based big data start-up, has raised an additional USD 35 million Series C funding and plans to use these funds to expedite the development of big data analytics software along with expanding its go-to-market activities.
The company’s total finances post the funding round sum up to USD 62.5 million. Led by Intel Capital with participants such as SoftBank Ventures Asia, La Maison, and Samsung Next, the event also witnessed existing investors such as Disruptive Technologies L.P., Aleph, and Redline Capital Management.
Driven with the power of AI (Artificial Intelligence) and Machine Learning, Anodot’s software is capable of monitoring business and operational data in real time. It can identify irregularities for a variety of applications involving financial management, IT system, customer experience, and application performance monitoring.
It is interesting to learn that over the past twelve months, the company that maintains its research and amp; development operations in Ra’anana, Israel, has successfully doubled the revenue and has names like United Parcel Service, Nordstrom, and T-Mobile in its client list. Additionally, the company is also working on expansion in financial markets and the telecommunication domain, as mentioned in a blog post by David Drai (Co-founder and CEO, Anodot). The company’s system presently tracks over 400 million metrics each day.
David Drai also expressed concern about the unprecedented market uncertainty faced by businesses and their struggles to achieve clarity in business instances that cost money, impact 3rd party tools, and deteriorate customer experience. He added, “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.”
More on the financing
The additional capital collected is projected to be spent on Anodot’s go-to-market activities, including expansion plans in newer industry segments, like the banking and financial services sector, developing use-case-specific application packages along with hiring across the company’s operations.
