Business monitoring startup Anodot raises $35M to expand into new verticals
Business monitoring startup Anodot Ltd. said today it has raised $35 million in new funding to hire more people, expand into new industries and build personalized business packages.
The Series C round was led by Intel Capital and included SoftBank Ventures Asia, Samsung NEXT, La Maison, Disruptive Technologies L.P., Aleph and Redline Capital Management. As part of the deal, Intel Capital’s Roi Bar-Kat is joining Anodot’s board.
Founded in 2014, Anodot uses artificial intelligence to monitor and forecast the business performance for companies in financial technology, advertising technology, gaming, telecommunications and e-commerce. Its platform is designed to analyze massive amounts of data while leveraging machine learning to correlate many business parameters, providing real-time alerts and forecasts.
Organizations can monitor business metrics, including revenue and costs, partners and customer experience. Anodot’s platform, using granular monitoring and analytics capabilities, tracks more than 400 million metrics daily, driving 4 billion autonomous decisions.
The company’s customers include Atlassian Corp. plc, Xandr Inc., T-Mobile U.S. Inc., Bird Rides Inc., Vimeo Inc., Pandora Media Inc., Nordstrom Inc., United Parcel Service Inc. and Tripadvisor Inc.
In one use example given, a fintech company using Anodot detected a drop in payment success rates from a payment provider and correlated it to the release of a new application programming interface. After being alerted by Anodot, the company fixed the glitch and saved more than $50,000 on the incident.
“Today’s organizations are facing unprecedented market uncertainty and many are struggling to achieve visibility into business incidents that cost money, impact third-party tools and platforms, and diminish customer experience,” Anodot co-founder and Chief Executive David Drai said in a statement. “Anodot takes a new approach to business monitoring. By focusing on autonomous monitoring at a granular level, we’re able to deliver the right results in real -time to help organizations take immediate action, avoid losses and stay on top of business success, especially in times of economic turbulence.”
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