Israeli AI-based predictive analytics company Pecan today announced it has completed a $66 million Series C financing round led by Insight Partners, with participation from GV (formerly Google Ventures) and existing investors S-Capital, GGV Capital, Dell Technologies Capital, Mindset Ventures, and Vintage Investment Partners. The latest financing follows a $35 million financing round in April 2021.
The funding will be used to expand Pecan's global marketing and accelerate R&D of the company's low-code predictive modeling and data science platform.
At the seam of AI and data analytics, Pecan’s low-code predictive modeling and data science platform allows business intelligence (BI) analysts to predict revenue-impacting risks and outcomes. Users can turn massive amounts of raw transactional data into accurate predictions of critical key performance indicators that directly impact revenue and profitability.
Over the last year, Pecan has more than tripled its annual recurring revenue (ARR). This growth is fueled by accelerating customer adoption with midmarket and enterprise companies across fintech, insurance, retail, consumer packaged goods, mobile apps, and consumer services. These companies chose Pecan to make improvements in customer acquisition, customer retention and lifetime value, demand forecasting, supply-chain optimization, resource allocation, and pricing and packaging.
Pecan was founded in 2018 by CEO Zohar Bronfman and CTO Noam Brezis. The company has 100 employees including 80 in Israel.
Bronfman said, "We believe that any company should be able to deploy AI-based predictive analytics, even without data science resources on staff. This new funding will help us scale Pecan further to overcome the data science scarcity gap, enabling our customers to move beyond outdated data-mining techniques that offer little value in predicting future outcomes. We are on a mission to unlock the potential of business intelligence and analytics through the power of AI."
Published by Globes, Israel business news - en.globes.co.il - on February 2, 2022.
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