NEWS22 December 2017

Anodot raises $23m in Series B funding

Financials News North America

US – AI analytics company, Anodot, has announced a Series B round of funding, taking its total to $23m.

Redline Capital Management led the additional $15m investment together with existing investors Aleph Venture Capital and Disruptive Technologies Venture Capital.

Over the past year, the company more than tripled its revenues, with customers such as Foursquare, Lyft, Microsoft, Upwork and Waze (Google), and is planning further expansion in 2018.

Anodot’s patented solution allows businesses to track and correlate massive volumes of business and technical data in real time.
With the new investment, Anodot will open offices in London and APAC, grow its US team, and invest significantly in sales, marketing and customer success, while continuing to innovate its machine learning platform.

Anodot’s CEO and co-founder David Drai previously co-founded Cotendo (acquired by Akamai). He teamed up with Ira Cohen, formerly chief data scientist at HP, and software R&D executive Shay Lang to found Anodot in 2014.

Benno Jering, principal at Redline Capital, said: "Business Intelligence (BI) presents a multi-billion-dollar market and Anodot’s differentiated approach adds AI to BI.

"Traditional BI focuses on dashboards and other tools that analyse historical data, focusing on specific portions of data and addressing pre-defined queries. Anodot addresses a completely different need by surfacing the issues you wouldn't know to ask about, across constantly changing massive amounts of data. Its analytics provide the full picture across all data at a granular level so companies can understand what’s going in every market, with every product, across every device."