Big data is fast dethroning mobile as the most spoken about and sought after industry in the tech world — and with that follows the money. Czech-based Futurelytics Inc. — a prescriptive analytics platform that helps companies extract value from their data — has received seed funding to the value of US$800K, proving that making sense of data is a viable space for startups to add value.
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The financing round was co-lead by Index Ventures and Credo Ventures. Other investors include Kima Ventures and business angel — former CEO of FizzBack — Rob Keve. According to the company, Futurelytics will use the new funds to accelerate product development, initiate new strategic partnerships and expand internationally, initially to the US and UK.
Futurelytics provides companies with a plug-and-play solution that taps into existing data sources, such as CRM systems and ecommerce solutions. According to a press release from the company Futurelytics “leverages behavioural patterns hidden in the cloud to rate, group them into segments and instantly provides recommendations on how the company can increase revenue, improve customer retention and acquire new customers.”
Daniel Hastik, CEO of Futurelytics, says that you don’t need to be a big firm with an IT department to be able to mine and manage data. “Most businesses already have customer data in various cloud services. We offer them a very simple way to analyse those data sets and immediately take actions that will directly impact their business. It’s that simple,” he adds.
Jan Hammer of Index Ventures states that the first generation of data analytics was descriptive and then it was predictive. “The next stage is prescriptive analytics,” he adds, “which is what Futurelytics does, as it actually recommends actions to be taken, in essence running campaigns for companies.”
Previously Futurelytics became the first Czech company to win US$65 000 in initial funding from Seedcamp, one of Europe’s leading early-stage micro seed investment fund and mentoring programmes.
