closed a $35 million Series B after a year and a half of aggressive growth spurred on in part by the pandemic.
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The round was led by and included participation from and existing investors , and . The company has now raised more than $50 million in funding since being founded in 2018.
The company 鈥 which is based in Tel Aviv pending a move soon to New York 鈥 helps its clients integrate AI into their business intelligence data and analytics, unlocking more predictive insights and information, said co-founder and CEO . The platform is designed for business intelligence analysts, allowing more people in an organization to use it and the AI-driven information it provides.
Pecan AI鈥檚 platform mainly has been used by retailers, makers of consumer products, and mobile application developers to understand consumer behavior. The recent pandemic made getting those insights even more important as business patterns were thrown into flux, Bronfman said.
鈥淲ith the pandemic, it鈥檚 shown you can’t just rely on historical data,鈥 he said.
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, investor at GGV Capital, said investing in a platform that brings AI to analysts was an easy decision as every company is now moving from being data informed to data driven.
鈥淵ou need to enable the folks who have that data to leverage that data,鈥 he said.
The 50-person company was not actually fundraising when Yunger started to talk to Bronfman about three months ago to take on an investment to accelerate the growth. With the new money in hand, the company plans on doubling its headcount in the next year and investing in its platform, Bronfman said.
Bronfman said he sees Pecan AI as the next generation of business intelligence. Just as and changed the BI world more than a decade ago, Pecan AI is seeking to do the same. While others like Boston-based bring AI to the process, it is designed for a smaller sect of data scientists, Bronfman said.
Yunger said the success of DataRobot 鈥 which landed a $2.7 billion valuation last year 鈥 and Tableau show the market is open to Pecan AI.
鈥淭here are changes in collecting data, there are changes in analysing data,鈥 he said. 鈥淒ata is taking over the world.鈥
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