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New York and Israel-based Noogata today announced it has raised $16 million in series A funding to simplify AI access for enterprise users worldwide.
Today, almost every company leverages AI to derive value from data. The use cases vary a lot, but the core goal to continues to be the same: improve outcomes across key functional areas. However, owing to the complexity of the task, most organizations tend to hire a team of expert data scientists and engineers to develop fresh ML models and implement their AI projects. This makes the entire effort pretty expensive and time-consuming.
Noogata’s no-code solution
Founded in 2019, Noogata changes the status quo by taking AI into the hands of business users. The company provides a no-code platform that allows anyone from an organization to connect data sources and turn information into actionable insights, predictions and analyses far more quickly than currently possible.
The platform, available on a SaaS model, requires no coding to generate results. In fact, all a user has to do is pick a pre-set AI block on the platform and plug the data. Each block targets a single core use case and contains everything needed for turning raw data into insights, starting from data preparation and enrichment to modeling and output generation.
“Our blocks cover areas such as sales, marketing, ecommerce, and operations, and enable professionals to integrate billions of data points from multiple sources to make timely and critical data-driven decisions,” Assaf Egozi, CEO and co-founder of Noogata, told Venturebeat.
“For example, the insights (from the blocks) can include understanding the sales potential of a company’s product, tracking the competitive landscape, identifying consumer trends and opportunities for future growth, crafting the right content to drive click-throughs and optimizing advertising spend to maximize marketing ROI,” he added. The blocks can also be used in combination to solve the business problem at hand.
Growth and road ahead
Since launching the platform in March 2021, Noogata’s ARR has grown by 400%. The startup has already roped in major enterprises like Colgate Palmolive, PepsiCo, mDesign and Bugatti as customers and continues to support their sales, marketing and operations teams on an ever-growing range of use-cases.
Moving ahead, it plans to add support for more data sources, including Snowflake data warehouses, and expand the capabilities of the AI blocks to focus on more use cases.
“On the product side, we plan to accelerate the expansion of our platform to new use cases and new data sets. We will also be expanding our integration with key data warehouses and business intelligence tools. We believe that AI has had a profound impact on many industries, but to date it has mostly been relegated to R&D and more technical functions within companies, leaving other valuable business units underserved,” Egozi said.
A part of the latest round, which was led by Eight Roads, will also go toward expanding operations and hiring for leadership roles in engineering, finance, sales, and customer success. The company aims to have approximately 100 employees by the end of the current year, the CEO emphasized.
The funding comes as the no-code AI development space continues to grow in light of the pandemic and the shortage of data science talent. Other players operating in the same segment are Akkio, Google AutoML, Obviously AI, and Fritz AI.
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