Futurelytics raises $800K to bring easy-to-use prescriptive analytics to companies of all sizes
Enables companies to mine their data to increase revenue, improve customer retention and acquire new customers
November 11, 2013 – OSTRAVA, Czech Republic - Futurelytics Inc., a prescriptive analytics platform that helps businesses derive value from their data, announced that it has closed a Series Seed financing round of $800K. The company will use the funds to accelerate product development, initiate new strategic partnerships and expand internationally, initially to the US and the UK.
The financing round was co-lead by Index Ventures and Credo Ventures. Other investors include Kima Ventures and business angel Rob Keve (former CEO of FizzBack). Last year, Futurelytics became the first Czech company to win $65,000 in initial funding from Seedcamp, Europe's leading early-stage micro seed investment fund and mentoring program. Orrick London has been legal advisor in this deal.
The platform provides businesses with a plug-and-play solution that taps into existing data sources such as CRM systems or e-commerce solutions. It leverages behavioural patterns hidden in the cloud to rate customers, group them into segments and instantly provides recommendations on how the company can increase revenue, improve customer retention and acquire new customers.
“The notion that to be able to mine data, you need to be a big firm with an IT department to manage it, expensive software to crunch it and data scientists to analyse it, is false,” said Daniel Hastik, CEO of Futurelytics. “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.”
Jan Hammer from Index Ventures commented: "Futurelytics is leading the next generation of data analytics. We started with descriptive, after which came predictive. The next stage is prescriptive analytics, which is what Futurelytics does, as it actually recommends actions to be taken, in essence running campaigns for companies. We believe this is extremely powerful. Daniel and Mirek have assembled a very strong team in Ostrava and have shown that brilliant entrepreneurs really can come from anywhere. For the long while we've known the team, we've continued to be impressed by what they've achieved.”
Credo Ventures Partner’s Ondrej Bartos added: "We have known Daniel and Mirek for over a year, and have followed Futurelytics becoming the very first Czech Seedcamp winner, as well as their ability to execute on their milestones. Startups are all about people, and we believe in the Futurelytics team and their vision of cloud-based predictive customer analytics platform. We are looking forward to working with them."
