Israeli analytics and data science startup “Pecan AI” announced Wednesday that they have raised $66 million in their latest Series C funding round. The funds will be used for research and development.
Pecan AI has raised over $100 million in VC funding in the last twelve months alone. Its Series C round was led by New York-based global private equity and venture capital firm Insight Partners, with participation from GV (formerly Google Ventures) and existing investors S-Capital, GGV Capital, Dell Technologies Capital, Mindset Ventures and Vintage Investment Partners.
“We believe that any company should be able to deploy AI-based predictive analytics, even without data science resources on staff,” said CEO and co-founder Zohar Bronfman. “This new funding will help us scale Pecan further to overcome the data science scarcity gap, enabling our customers to move beyond outdated data-mining techniques that offer little value in predicting future outcomes."
Pecan is disrupting the analytics industry with its low-code predictive modeling, which allows business intelligence (BI) analysts to predict revenue-impacting risks and outcomes. Predictive models are usually heavily based on coding languages such as Python and require skilled coders to operate, whereas Pecan AI’s platform is easier to use than its competitor’s platforms.
Fueled by accelerating customer adoption with mid-size and large companies across various industries – such as fintech, insurance, retail and others – Pecan AI has tripled its annual revenues over the last year.
“With the commoditization of data ingest, most companies are finding it challenging to drive insight from the oceans of data they manage,” said George Mathew, managing director at Insight Partners, which was among the funds that raised capital for Pecan AI.
“Pecan is a category-defining platform in the use of AI for advanced business analytics to predict all sorts of outcomes – from strategic global demand forecasting to performance of everyday marketing campaigns, and everything in between.”
“We are on a mission to unlock the potential of business intelligence and analytics through the power of AI,” Bronfman declared.