Using Artificial Intelligence for Scalability Pecan.ai is raising a $66 million Series C round. With this funding, the company is able to continue developing its innovative technology for AI-based scalability.
Pecan.ai raises $66 million in Series C round
Founded in 2018, Pecan.ai is a startup that provides predictive analytics services to businesses and teams. Its technology helps companies build machine learning-based predictive models for specific use cases. Its predictive models are easier to use than competitor platforms. The company’s technology also allows companies to deploy AI models in weeks. Its predictive models can help companies make non-biased, data-driven decisions.
Pecan offers a number of services that are designed to help businesses improve conversion rates, demand forecasting, churn and retention, upsell and cross-sell, and customer lifetime value. The company’s technology also makes data presentation easier. Its predictive models impact billions of dollars in revenue for companies of all sizes.
Pecan’s software automates the engineering process of creating machine learning-based predictive models. The company uses state-of-the-art AI-based statistical algorithms to process large pools of data. Its platform allows companies to quickly deploy AI models to improve their data science processes.
The company’s mission is to empower companies to use predictive modeling to drive revenue and profitability. Its platform helps business intelligence analysts build, train, and deploy AI models that are more effective than traditional approaches. It also allows users to turn massive amounts of raw transactional data into accurate predictions. The company provides a drag and drop interface that makes it easier to analyze data.
Pecan.ai’s AI-based scalability
Founded in 2018 by Noam Brezis and Zohar Bronfman, Pecan.ai is a business analytics platform designed to empower business intelligence analysts. Pecan aims to automate the engineering process to produce machine learning-based predictive algorithms. Its customers are primarily retailers, consumer products manufacturers, and mobile application developers.
The platform has garnered interest from a slew of venture capital firms including GGV Capital, Mindset Ventures, and Dell Technologies Capital. Pecan’s big-data analytics solution automates data cleansing, data mining, and machine learning. Its predictive analytics platform helps businesses turn transactional data into predictive insights that inform business decision making. Its most notable client is Palo Alto Networks, a large enterprise network infrastructure company.
The company’s most recent round of funding included the aforementioned gimmick and some more conventional ones. The round included a $35 million Series B round led by GGV Capital. Other investors in the round included Vintage Investment Partners, S-Capital, and Mindset Ventures.
The company plans to double its headcount in the coming year, and plans to invest in the platform itself. In the meantime, the team is also planning to make the most of its newfound cash to expand into new geographies and markets. This is a major milestone for the company, especially given that the analytics industry is expected to grow by nearly $100 billion by 2027.
Pecan.ai’s vision for the future
Using artificial intelligence to crunch billions of data points to provide actionable insights to its clients, Pecan.ai is on a mission to change the game for mid-market and enterprise businesses alike. Aside from churn prevention, Pecan can predict customer activity volume, procurement optimization, and price optimization. It also allows you to build your own custom templates. The company is also well-funded with more than $100 million in funding to date.
Pecan’s AI-fueled predictive analytics solution can be deployed in days if you’re lucky. To date, the company has delivered over 11,024,601,821 predictions. The company boasts an impressive user base of over a dozen Fortune 500 companies, including CPG giants like Kellogg’s and Unilever. This has led to an impressive revenue growth of more than three times last year. This, coupled with its impressive growth metrics, indicates that it’s doing something right. Pecan’s scalability is an important consideration in a growing data-rich landscape. The company’s data-driven business model allows you to harness the power of the AI and get your analytics back to you, while you take your hands off the dial. The end result is an improved customer experience, increased revenue, and reduced expenses. Lastly, Pecan’s team of experts can train your team of data scientists in days, not months. And, because they’ve got your back, you can focus on what matters most: your business.