Israel’s Pecan.Ai Offers Predictive Analytics – Raises $35 Million
The company uses AI.
Pecan.ai is an Israeli predictive analytics startup which utilizes artificial intelligence tech. The company just raised $35 million in a series B round led by GGV Capital. Cofounder and CEO Zohar Bronfman says that the funds will allow Pecan to expand its operations globally and help organizations adopt AI and big data.
Founded in 2016, Pecan is an AI-powered predictive analytics platform that solves business problems by generating actionable, accurate predictions in the shortest time possible. Its platform automates the heavy lifting in data science, requiring no coding or data prep. Pecan boasts that it delivers scalable predictive models about customer behavior that reveal the most critical insights about the immediate future of your business.
Established by PhDs in computational neuroscience, AI and mathematics, Pecan works with some of the world’s most influential companies in retail, gaming, CPG, and direct-to-consumer subscription services.
The company says that its proprietary AI algorithms optimize and train a client’s predictive models to get to effective results as quickly as scientifically possible. But drift and leakage kill models, so its platform continuously monitors and optimizes your models, getting more accurate and more useful over time.
Pecan says during the pandemic Johnson & Johnson used its platform to help predict changing consumer behavior and buying patterns across different consumer product groups, as well as supply chain forecasting.
We are ecstatic to announce our round of Series B funding, led by GGV Capital! We’re on a mission to help companies of all sizes cross the AI chasm by enabling every business analyst to harness the power of predictive analytics.https://t.co/vBTPSxrphl
— Pecan AI (@pecan_ai) May 5, 2021
“We improved forecast accuracy in our seasonal business, and we have a deeper understanding of the variables that may influence a consumer demand signal,” Johnson & Johnson VP Bertrand Klehr said in a press release. “[By] partnering together with Pecan, we are continuing our focus on what consumers want to purchase at the right time and place.”
Zohar Bronfman added, “Pecan was designed to drive business value from AI. In one intuitive platform, analysts and business stakeholders can obtain actionable insights and see outputs in a matter of days after adding their raw data — helping companies evolve from BI to AI. We have seen tremendous uptake from organizations of all sizes and are looking forward to expanding globally and bringing real business value to our customers.”
“After fine-tuning the product and our flagship use cases, Pecan came out of stealth in February of last year,” a spokesperson told VentureBeat via email. “The pandemic affected us in a positive way. The need to predict erratic patterns of behavior, as well as the increase in digital consumption, boosted the demand for Pecan’s brand of fast and easy-to-use AI.”