Singaporean Artificial intelligence data analytics startup Nugit Pte. Ltd. has raised $5.2 million in funding from Sequoia India.
Founded in 2013, Nugit uses artificial intelligence, natural language generation, and visual design to help marketers generate more usable reports based on the big data generated by advertising activity. The company’s platform provides analytics for digital marketers and C-suite professionals, turning data into decision-ready reports which flow straight back into the enterprise workflow.
Artificial intelligence technology powers data cleaning, integration and harmonization of data sources in real time on Nugit’s platform, while their Natural Language Generation technology adds on insights written in easy to understand language and “decision-ready” reports are then delivered via email or powerpoint. The reports themselves are said to be built around ‘smart stories’ and beautiful visualizations that deliver better quality reporting in a shorter time frame.
Nugit says it currently manages over 146,000 connected ad accounts for over 500 brands in 34 countries including Johnson & Johnson, Digi, Group M, Startcom, Publicis and Facebook.
“Many of the legacy systems that are being used to manage marketing data are slow, over-priced and take months to implement.” Nugit Founder and Chief Executive Officer David Sanderson said in a statement. “We believe analytics can be much leaner and more intelligent, by leveraging technologies such as AI and Machine Learning.“
Nugit said it takes the best aspects of artificial intelligence, machine learning and Big Data to provide what could be called 21st-century reporting that is delivered at a quicker speed than many existing players in the field. “It has been impressive to see the intelligence of the Nugit platform, and how it offers enhanced efficiency and clarity to marketers,” Sequoia Investment Manager Pieter Kemps added.
Because it is neutral, the use of artificial intelligence in this case is said to also be great for transparency. “They process data independently and can be more accurate in understanding what people really need, usually even better than people themselves,” Sanderson told E27.
It’s not known how much funding Nugit has raised prior to this round. The company said it would use the new funding to improve the Nugit platform by increasing investment in AI and natural language selection.