Anodot, a start-up based in Ra'anana, Israel with offices in Sunnyvale, California announced $23 million in Series B funding for its AI-powered analytics.
Anodot's AI-powered analytics tracks and correlates massive volumes of business and technical data in real time to identify business incidents, such as e-commerce glitches. The company recently achieved Amazon Web Services' Machine Learning competency, a status held by only 17 companies globally.
Anodot cited several examples: it insights enabled a retailer to update its pricing to address competitor's bidding activity that was affecting product revenue; a mobile games company to resolve customer engagement drops resulting from its AB tests, and a fintech company to protect its revenue by reducing incident resolution time by 99%.
Over the past year, Anodot says it has more than tripled its revenues, with customers such as Foursquare, Lyft, Microsoft, Upwork and Waze (Google).
The most recent investment was led by Redline Capital Management together with existing investors Aleph Venture Capital and Disruptive Technologies Venture Capital.
Anodot is led by David Drai, co-founder and CEO who previously co-founded Cotendo (acquired by Akamai). Also on the Anodot founding team are Ira Cohen, formerly Chief Data Scientist at HP, and software R&D executive Shay Lang.
