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Anodot Raises $8 Million Funding to Prevent Billions of Dollars in Losses With Real Time Business Incident Detection
Anodot Brings Real-Time Anomaly Detection and Machine Learning to Data-Driven Companies Enabling the Rapid Detection of Potential Crises and Opportunities
|By PR Newswire
|September 22, 2016 09:00 AM EDT
SUNNYVALE, California and RA'ANANA, Israel, September 22, 2016 /PRNewswire/ --
Anodot, the real time business incident detection and analytics company, today announced $8 million in funding led by Aleph Venture Capital 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.
Anodot was co-founded by David Drai, the former CTO of GetTaxi and co-founder of Contendo (acquired by Akamai), Shay Lang, former VP Engineering at Trustwave, and Dr. Ira Cohen, former Chief Data Scientist at HP.
Anodot brings machine learning and real-time streaming data together to identify, report, and visualize business incidents as they occur, enabling its customers - often Business Intelligence 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.
"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 how 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 even longer period necessary to understand the cause," said David Drai, CEO and co-founder of Anodot. "Our patented algorithms automatically learn the normal behavior of any time series data - MixPanel, Google Analytics, Graphite, and so on - and then rapidly identify anomalies which typically indicate business incidents. Seasonality is a huge challenge for the industry, and the subtle changes that wouldn't trigger static thresholds are caught by Anodot."
"The promise of Big Data and Business Intelligence is vast, but so few companies have unlocked its potential. Anodot is channeling the most advanced machine learning algorithms to make Business Intelligence real-time and its potential impact is enormous," said Eden Shochat, Founder & Partner at Aleph. "Aleph is focused on finding companies who rethink stagnant industries that are ripe for change, and we're thrilled to be joining Anodot on their journey."
"From the beginning, we believed in Anodot's vision of revolutionizing the BI market, and Anodot continues to move the needle for businesses looking for the best analytic capabilities," said Tal Barnoach, General Partner at Disruptive. "Disruptive is committed to finding disruptive ideas, technologies and products that change existing habits and the way users interact with products, and Anodot is a great fit for this mission."
Anodot provides valuable business insights through anomaly detection. Automatically uncovering outliers in vast amounts of time series data, Anodot's real time business incident detection uses patented machine learning algorithms to isolate and correlate issues across multiple parameters in real time, supporting rapid business decisions. Anodot customers in fintech, ad-tech, web apps, mobile apps and other data-heavy industries use Anodot to drive real business benefits like significant cost savings, increased revenue and upturn in customer satisfaction. The company was founded in 2014, is headquartered in Ra'anana, Israel, and has offices in Silicon Valley. Learn more at: http://www.anodot.com .
Aleph is a $150 million early stage fund, which partners with Israeli entrepreneurs looking to build companies that are scalable, global change agents. Since its founding three years ago, Aleph has quickly become one of Israel's leading venture funds and is a well-recognized brand in Silicon Valley as well. To date, Aleph has made 12 investments including Wework, Windward, Nexar, Lemonade, Colu, Freightos, and Honeybook.
About Disruptive Technologies L.P.
Disruptive is an early stage fund that has invested to date in 14 companies. Our mission is to partner with great entrepreneurs to build companies and drive them forward - from infancy stage into category leaders. We have pioneered the industry's post-seed investment phenomena, investing in early stage companies from seed to Round A. Learn more at: http://www.disrupt-ive.com/.
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