Anodot has raised an additional $35 million in financing, money the Redwood City, Calif.-based startup will use to accelerate development of its big data analytics software and expand its go-to-market activities.
The funding round brings the company’s total financing to $62.5 million. The latest round was led by Intel Capital with participation from new investors SoftBank Ventures Asia, Samsung Next and La Maison. Existing investors Disruptive Technologies L.P., Aleph and Redline Capital Management also participated.
Anodot’s software uses machine learning and artificial intelligence to monitor business and operational data in real time and detect anomalies for a range of applications including customer experience management, financial management, and IT system and application performance monitoring.
Over the past year the company, which maintains its research and development operations in Ra’anana, Israel, has doubled its revenue and lists United Parcel Service, T-Mobile and Nordstrom among its customers. The company also has been expanding into telecommunications and financial technology markets, according to a blog post by co-founder and CEO David Drai. The company’s system currently tracks more than 400 million metrics daily.
“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,” Drai said.
“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.”
The additional capital will be used to support Anodot’s go-to-market activities, including expanding into new verticals such as banking and financial services, developing use-case-specific application packages, and increasing hiring across the company’s operations.
While the new funding provides reason to celebrate, Drai acknowledged that “we must also brace ourselves for what’s to come,” citing the “unprecedented market uncertainty” created by the COVID-19 pandemic and economic downturn.
Anodot was on CRN’s Big Data 100 list in 2019. The Big Data 100 list for 2020 will be published the week of April 27.