Israeli startup Shoodoo Analytics has raised $550,000 in a seed financing round from the VLX Ventures technological incubator to help develop the next generation of predictive analytics platforms.
The Jerusalem based company is developing a cutting-edge Analytics-as-a-Service platform for advanced data and predictive analysis for companies and organizations, which enable every manager in the organization to make routine decisions based on advanced predictive and classification models, in a simple manner that does not require any prior statistical knowledge.
The platform leverages a unique design, allowing senior data scientists from around the world to collaboratively build analytic models. Shoodoo’s core engine then chooses the best matching model from the ones available in its’ exponential library. The design allows for an infinite library of models, which translates into unprecedented model matching speed, at a cost that is an order of magnitude lower than current industry standards.
The company was founded by CEO Amir Raskin, former founder of HyperRoll, which was acquired by Oracle; and Keren Shaked, an experienced Customer Experience and analytics professional.
Raskin said “The need for a competitive advantage driven by advanced analytics has become acute in recent years - companies that fail to transform into ‘data driven companies’ become inferior compared to ones that excel in the field. The challenge facing companies seeking to integrate advanced analytics has to do with the high costs, long development time, and temporary relevance that go along with building and continuously maintaining advanced analytical models. The quintessential underlying factor behind these is the global shortage of skilled data scientists, as well as the resources required to hire competent ones."
VLX Ventures CEO Ori Choshen said, “VLX is focused on a variety of fields in the high tech and life science industries, and has made it its’ mission to put special emphasis on data driven companies operating in these two areas. This rapidly growing field has a huge potential, incorporating both technological and business oriented challenges, that the VLX team is uniquely qualified to help solve. The success of Shoodoo, which is developing the next generation of advanced analytics, would disrupt the industry by making advanced data usage available to all."
Dr. Nadav Klein, a key figure in the Israeli machine learning and artificial intelligence ecosystem and VLX Ventures CTO said, “Shoodoo Analytics’ technology combines several advanced machine learning concepts into a versatile, robust, and comprehensive solution. The ability to build a high-quality predictive model using a frictionless, minimal onboarding process, quickly and affordably, while being guaranteed that the model would remain continuously relevant, and avoiding data leakage and concept drifting, is unique and powerful. It is this ability that will allow an increasing number of businesses to adopt advanced analytics, and enable Shoodoo’s solution to become an industry standard.”
Published by Globes [online], Israel business news - www.globes-online.com - on December 25, 2017
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