Czech-based Big Data analytics provider Futurelytics has raised $800,000 in a seed financing round co-lead by Index Ventures and Credo Ventures in support of its cloud-based “prescriptive” analytics solutions that recommend actions to be taken.
According to the Monday announcement, the funding will help Futurelytics accelerate product development, initiate new strategic partnerships and expand internationally, initially to the US and the UK.
The evolution of data analytics has been expanding to ever more complex areas. It had started with descriptive analytics which looks at existing data, then predictive analytics which takes existing data and models future outcomes. The next stage is prescriptive analytics which makes informed recommendations that help businesses take the right actions. Futurelytics represents one of the companies on the leading edge of prescriptive analytics.
Futurelytics provides a plug-and-play platform that gets data from existing sources such as CRM systems or e-commerce solutions, and computes behavioral patterns using cloud computing. The platform rates customers, groups them into segments and provides instant recommendations on how the company can increase revenue, improve customer retention and acquire new customers.
This sort of platform, according to Futurelytics CEO Daniel Hastik, had only been available to larger companies. “The notion that to be able to mine data, you need to be a big firm with an IT department to manage it, expensive software to crunch it and data scientists to analyse it, is false. Most businesses already have customer data in various cloud services. We offer them a very simple way to analyse those data sets and immediately take actions that will directly impact their business,” Hastik said in a statement.
Futurelytics started in 2012 and was a member of London-based startup accelerator Seedcamp. According to Futurelytics, other investors in the company include Kima Ventures and angel investor Rob Keve, the former CEO of customer engagement platform FizzBack which was bought in 2011 by NICE Systems for $80M.
Big data was named as a driving force in the cloud market in Verizon’s latest State of the Enterprise Cloud report. And many companies in the hosting space are getting on board this trend. Last week, for instance, Internap and Aerospike announced a big data solution that consists of the Aerospike flash-optimized, in-memory NoSQL database on Internap’s AgileSERVER bare-metal cloud. In October, Rackspace expanded the options for big data hosting when it made the Hadoop-powered Hortonworks Data Platform available on its managed hosting environment and public cloud.
Bringing companies actionable knowledge from big data is indeed becoming a major trend. As more companies enter this space, the future of the marketplace could be one of the hardest things to predict.