GGv Capital, an AI-based equity fund, is investing in Pecan.ai, a start-up that aims to use deep learning to create a new type of computer that can learn from human data. This company just announced that it has secured a $66 million Series C funding round.
Series C funding of $66 million announced
Using its low-code predictive analytics platform, Pecan.ai helps business users and BI analysts unlock the potential of data. The company is focused on driving growth and building global impact through AI-powered predictive analytics. The company recently announced Series C funding of $66 million led by global private equity firm Insight Partners, alongside GGV Capital, S-Capital, Vintage Investment Partners, and Insight Partners’ own venture fund, Insight Partners Ventures.
Pecan’s analytics are built with autoML algorithms to help users achieve maximum predictive accuracy. It also utilizes an engine that automatically reconstructs data for predictive modeling algorithms. Its engine also includes a data web store that allows e-commerce users to purchase, prepare, and monetize data.
The company recently launched an AI-enabled data dashboard that organizes and charts news in volatile regions. Its AI-powered dashboard can help users identify real-time developments in the news. It also provides insights into the news’ impact.
The company is also working with pharma companies and health-care providers. Its journey templates automatically extract relevant data and provide better lifetime value to customers. The company has received $20 million in Series A funding from Contour Venture Partners, Rho Capital, TIA Ventures, and Insight Partners.
The company recently entered a strategic partnership with Dedalus Group, Europe’s leading healthcare software provider, and Ibex Medical Analytics. The companies will work together to develop artificial intelligence-powered diagnostics and digital pathology solutions.
Company’s business model
Founded in 2018, Pecan’s low-code predictive modeling and data science platform enables business intelligence analysts to leverage the power of AI. With a drag-and-drop interface, users can access a variety of databases and perform feature engineering on the fly. The platform has helped clients unlock predictive insights to improve key performance indicators. Some of Pecan’s clients include CAA, Sciplay, and Hafenix.
The company has garnered a flurry of awards and accolades, including a spot in CRN’s Top 100 BI vendors list. To date, Pecan has raised $117 million, including a $35 million Series B round and a $10 million Series C round. The company is also reportedly eyeing a doubling of its headcount in the next year. It’s also worth mentioning that Pecan’s CEO, Zohar Bronfman, holds a Ph.D in the history of science and has an impressive resume.
Pecan’s low-code predictive modeling platform allows users to easily and efficiently turn massive amounts of raw transactional data into sharable and actionable insights.
Conclusion
The company’s platform helps customers improve customer lifetime value, increase demand forecasting, boost conversion rates, and predict revenue-impacting risks. Pecan also offers a data cleansing and machine learning solution that enables customers to transform their data into actionable intelligence. It’s also worth noting that Pecan’s predictive modeling platform is designed to help companies with all data types.
