NEWS9 March 2023
FINLAND – Helsinki-based business-to-business software platform Exolyt, which offers analytics and insights from TikTok, has secured €450,000 in pre-seed funding from Trado Capital and Founder’s Edge.
Founded in 2020 by Henri Malkki, Jonne Bovellán and Mauri Karlin, Exolyt is a short-video analytics platform used by brands, marketing agencies, research service providers and product developers to obtain data on TikTok user behaviour and performance analytics.
The company plans to use the investment to grow its development of TikTok analytics features for business end-users and expand its sales and marketing.
Exolyt currently provides analytics, reporting and discovery tools, and in future, aims to expand into trend forecasting and semantic content analysis.
The popularity of TikTok, which is owned by Chinese tech company ByteDance, has led to new businesses focused on managing influencers and creating content, but large amounts of videos on the app means it can be challenging for businesses to identify trends.
Exolyt chief executive and co-founder Henri Malkki said the company “recognised the absence of tools that can provide holistic, actionable insights for companies” in the TikTok market.
Malkki added that Exolyt offers “higher value KPIs” with “data-driven performance monitoring and intelligent social listening”.
Trado Capital said in a statement: “Exolyt has the potential to be a forerunner in its own space as they have the ability to capture market trends. We hope to support them in internationalising this venture.’’