Israeli anomaly detection and real time business analytics company Anodot today announced an $8 million financing round led by Aleph Venture Capital and with participation by Disruptive Technologies L.P., bringing Anodot’s total funding to $12.5 million. The funds will be used to expand the company’s global sales and operations and meet demand for its service. In the nine months following Anodot’s launch, dozens of customers, including several Fortune 500 companies, have already implemented the product to prevent crises and drive revenues.
Ra'anana based Anodot was founded in 2014 by CEO David Drai, VP R&D Shay Lang, and Chief Data Scientist Dr. Ira Cohen.
Anodot brings machine learning and real-time streaming data together to identify, report, and visualize business incidents as they occur, enabling its customers - often analysts serving all aspects of a company’s operations - to quickly and effectively manage crises and uncover business opportunities. Instead of the usual days or weeks it currently takes companies to detect and understand data anomalies, Anodot’s SaaS solution is capable of identifying and notifying customers about issues in mere minutes.
With Anodot, BI analysts and others can be warned of breakdowns or opportunities before they learn about them the hard way, from customer complaints or lost revenue. For example, an ad tech client uses Anodot to maintain bid health among its trillions of bid requests, ensuring nothing gets dropped along the way, improving customer satisfaction. A fintech customer uses Anodot to track -- among other things -- page performance for its hourly service roll-outs, and is able to reduce the time to identify business incidents from days to minutes. Anodot customers have access to real-time analytics that use machine learning to correlate incidents to best understand the root cause.
Drai said, "Today’s digital businesses operate in dynamic environments, but Business Intelligence analysts are hampered by their existing static tools, so they are the last to know when something happens that can impact their business. As a former CTO, I’ve seen the inability to identify business incidents and delayed reactions can turn manageable issues into major crises, from the extended time it takes to recognize an issue to the longer period necessary to understand the cause. Our patented algorithms automatically learn the normal behavior of any time series data - MixPanel, Google Analytics, Graphite, and so anomalies which typically indicate business incidents are caught by Anodot."
Published by Globes [online], Israel business news - www.globes-online.com - on September 22, 2016
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