Israeli Startup Explorium Offers External Data Platform
The company just raised $75 million.
Explorium, an Israeli startup, provides what it calls the first External Data Platform to improve Analytics and Machine Learning. By “dynamically” integrating a company’s internal data with thousands of external sources, the Explorium platform is able to extract the most relevant features and power superior machine learning models. The company just completed a $75 million Series C fundraising round led by global venture capital and private equity firm Insight Partners.
Explorium boasts that it enables organizations to automatically discover and use thousands of relevant data signals to improve predictions and ML model performance. Explorium External Data Platform empowers data scientists and analysts to acquire and integrate third-party data efficiently, cost-effectively and in compliance with regulations. “With faster, better insights from their models, organizations across fintech, insurance, consumer goods, retail and e-commerce can increase revenue, streamline operations and reduce risks,” says the company.
The company explains that its service fills a new need of businesses because business conditions have evolved and new regulations restricted access to crucial sources of information. As a result, business teams went hunting outside their organizations for data to support machine learning and other mission-critical analytics—and discovered it was no easy task. A recent Explorium study found enterprises were hungry for external data but had no clear idea how to get it.
We’re excited to announce our $75M Series C funding round, led by @insightpartners! This brings funding to $127M as we build our External Data Platform to improve analytics and ML. https://t.co/lh56E1ZMoD pic.twitter.com/pU7s3p5aA4
— Explorium (@Explorium_ai) May 18, 2021
Since the start of the pandemic, Explorium has doubled its customer base and more than quadrupled revenue. Companies like BlueVine, GlassesUSA.com, Melio and PepsiCo use Explorium to enhance AI models for use cases including lead scoring, identifying default risk and fraud and upleveling analytics such as demand forecasting and customer lifetime value.
“Just a few years ago, enterprises were trying to get machine learning up and running. Now they’re realizing the importance not just of data quality, but data diversity,” said Dave Menninger, SVP & Research Director at Ventana Research. “Nearly 80% of the participants in our Machine Learning research are working with external data to enrich their models. The challenge is how to access that information easily and keep it up to date.”
“Machine learning is key to our competitive strategy, and external data is what powers it,” said Elad Zoldan, Head of Data at Melio. “Before we started using Explorium, we had to search for data source by source and strike separate deals with different providers. It wasn’t a scalable or flexible solution. With Explorium, we have a universe of external data at our fingertips, and an incredibly efficient way to figure out what data will make the biggest impact.”
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