Self-described automated analytics startup Unsupervised Inc. said today it has raised $35 million in a new round of funding led by Cathay Innovation and SignalFire.
Previous investors Coatue, Eniac Ventures, NextGen Venture Partners and Elad Gil also participated in the Series B round, which brings Unsupervised’s total amount raised to more than $55 million following earlier funding rounds.
Unsupervised sells an analytics platform that relies on artificial intelligence to unlock value from its customer’s data by automating otherwise demanding tasks such as data preparation, aggregation, feature engineering and insight discovery. Previously, companies would have to complete these tasks manually in order to access the insights their data holds.
Unsupervised said its platform helps accelerate analytical efforts while freeing up workers to focus on the insights it delivers. The company claims the insights its platform delivers enable its customers to generate new revenue streams, optimize customer retention and prevent churn, improve customer satisfaction, reduce the costs of customer acquisition, optimize supply chains, distribution and logistics, and identify and mitigate financial risk, for example.
That’s a pretty comprehensive list of benefits by anyone’s standards, and Unsupervised said its customers have unlocked more than $52 million worth of new opportunities in the first few months of this year thanks to its platform. Unsupervised co-founder and Chief Executive Noah Horton said his company’s mission is to help companies move from reactively using data to becoming “data profitable.”
“Finding and identifying insights is typically a laborious process, which is why the vast majority of an enterprise’s data never gets analyzed,” Horton said. “Having gone through a series of ‘black swan’ events recently, organizations realize the need to uncover and act on insights faster. Unsupervised is providing customers a new way to turn data into actual money.”
SignalFire Principal Jonathan Lim said it was Unsupervised’s ability to help customers realize business value from their data that persuaded him to back the company. He noted that many businesses struggle to do so for lack of enough talented data scientists.
“Unsupervised solves this crisis by using AI to automate that analytics, enabling non-technical business users to directly identify and respond to opportunities to optimize top-line growth, customer acquisition, and ultimately profitability,” Lim said.
Unsupervised said it’s now focused on growing its platform and its business. The Series B funding will help the company to enhance its product offering through what it says will be strategic partnerships with some of the leading players in the data and analytics ecosystem. The company is also planning to make new hires across the board to build up its sales, marketing, product development, engineering and customer success teams.
This article originally appeared in SiliconAngle.
