AVORA, the enterprise analytics platform powered by native machine learning technology, today announced it has raised $6.5m (£5.1m) in a Series A funding round led by Albion VC and existing investor Crane. A number of previous backers also followed on including Dr Steve Garnett, former Chairman EMEA Salesforce.com, and Stephen Kelly.
AVORA has already built an impressive client base, including Telefonica, OMD, NPR, HBO LatAm and Ocado. The UK start-up will use the funds raised to expand its leadership and sales teams, launch in the US market and continue to evolve its technology by enhancing its in-platform machine learning algorithms. The financing will also pave the way for the development of an app marketplace to enable customers to build their own solutions on top of its platform.
AVORA uses the power of machine learning and augmented intelligence to enable a new way of working with data. Its algorithms unveil insights and intelligence to businesses in seconds, versus the days if not months it would normally take.
Unlike traditional analytics platforms, AVORA’s Smart Alerts feature proactively looks for and flags data anomalies in real-time, allowing businesses to spend their time making more effective decisions, with immediate results, using trusted insights. Spotting an anomaly is only is the first step; AVORA also allows businesses to understand WHY something has happened through its Root Cause Analysis, so users can act on those insights instantly.
Ricky Thomas, founder and CEO, AVORA, said, “Real-time, comprehensive data analysis is vital for organisations. But, legacy solutions are characterised by complex and laborious IT-led deployments across multiple systems. This is slow, clunky and expensive. That’s why so many companies are ditching BI tools altogether – they just don’t work. I started this business out of that very frustration.
“Our technology harnesses machine learning and augmented intelligence to revolutionise this problem, replacing fragmented legacy infrastructure with an end-to-end, continuous system of insights that is both faster to deploy and more flexible to use.
“We are delighted to announce our Series A funding round today as we look to further invest in developing our unique technology and expand to bring its benefits to new markets.”
The business intelligence market is projected to grow 8.2% a year between 2016 and 2021 to a value of $27.6bn*. Growth will be highest for modern business intelligence platforms, which are expected to grow from 16% of the 2016 market to 29% of the 2021 market, worth a total $8bn. This presents a significant growth opportunity for AVORA and its new investors.
Ed Lascelles, partner, Albion VC, said, “Businesses have been let down by intelligence tools at a time when data-driven strategic analysis is more important than ever. AVORA’s full stack system of intelligence is already transforming the operations of its clients. We are thrilled to support Ricky and the team and look forward to helping them go from strength to strength.”
Scott Sage, Partner, Crane, said, “There is a huge opportunity for companies to leverage all of the data sitting on disparate systems in the cloud and across various applications to create automated analytics. For too long, the BI market was focused on reporting as opposed to taking action. AVORA now enables actionable insights which have already transformed existing customers’ businesses.”