UPDATED 11:00 EDT / JULY 28 2020

coding-1841550_1280 BIG DATA

Data discovery startup Explorium raises $31M in Series B funding

Israeli data science outfit Explorium Ltd. said today it has closed on a $31 million funding round led by Zeev Ventures and 01 Advisors.

Sir Ronald Cohen’s Dynamic Loop also participated in the Series B round along with seed investors Emerge and F2 Capital, bringing Explorium’s total funding to date to $50 million.

Explorium emerged from stealth mode last year, offering a unique service for enterprises that enhances their internal datasets to help them create better machine learning models that deliver more accurate insights and predictions about their business.

The company said at the time it sees itself as a kind of “matchmaker” for enterprises. While most companies already have tons of data to work with, they can still benefit from having additional, third-party data, and that’s where Explorium can help. It helps its customers to bulk up their data with relevant information from thousands of publicly available sources.

For example, an insurance provider might want to use machine learning to predict how many calls it’s likely to receive at a given time, in order to effectively staff its call centers. But its dataset is probably too narrow to do this, consisting of things such as the date, time and number of calls it received in the past. Explorium can enhance this dataset by exploring factors such as the weather at the time the calls were made, and if there were any news reports of damages.

Whatever the industry, Explorium will analyze its customers’ data to work out what kind of additional information can help it to create better machine learning models. That third-party data is then provided to the customer in a ready-to-use format.

Since its launch in September last year, Explorium said its customer base has grown threefold. It has also expanded its offering, and now helps customers to build and refine their machine learning models using the data it provides.

The capabilities Explorium offers were enough to attract Adam Bain, former chief operating officer at Twitter Inc., and now a partner at 01 Advisors.

“When I first saw Explorium in action, I thought, ‘Every company that uses data needs this,’” Bain said. “It’s like an app store for predictive models; you throw them your model and it finds different data to make it work better. It’s really that simple.”

Explorium said it will use its new funds to expand into new business verticals and geographic markets and grow its third-party data catalog.

Image: Pexels/Pixabay

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