Israeli automated data discovery platform Explorium has announced that it has closed a $75 million Series C financing round led by Insight Partners, with existing investors Zeev Ventures, Emerge, F2 Capital, 01 Advisors, Dynamic Loop Capital, Vintage and Fort Ross Ventures. This brings to $127 million the total amount raised by Explorium.
The company has developed an external data platform that automatically discovers thousands of relevant data signals and uses them to improve analytics and machine learning. Explorium's external data platform analyzes data models, searches its wide collection of thousands of external data signals and automatically discovers the most relevant signals to improve analytics and machine learning. Data scientists and business analysts can quickly enrich their predictive models with external data, benchmark the boost in performance and deploy the models with just a few keystrokes, with the assurance that all data is compliant with current regulations.
Since the start of the pandemic, Explorium has doubled its customer base and more than quadrupled revenue. Companies like BlueVine, GlassesUSA.com, Melio and PepsiCo use Explorium to enhance AI models for use cases including lead scoring, identifying default risk and fraud and up-leveling analytics such as demand forecasting and customer lifetime value.
Explorium was founded in 2017 by Omer Har, Or Tamir and CEO Maor Shlomo,
Shlomo said, "As we saw last year, machine learning models and tools for advanced analytics are only as good as the data behind them. And often that data is not sufficient. We’re addressing a business-critical need, guiding data scientists and business leaders to the signals that will help them make better predictions and achieve better business outcomes."
Published by Globes, Israel business news - en.globes.co.il - on May 18, 2021
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