Insight Partners, a leading global venture capital and private equity firm, led a $75 million Series C funding round for Explorium, the External Data platform that uses thousands of relevant information cues to instantly optimize analytics and machine learning. Other current investors Zeev Ventures, Emerge, F2 Venture Capital, 01 Advisors, and Dynamic Loop Capital also participated. George Mathew, Managing Director at Insight Partners and former President & COO of Alteryx, enters Explorium’s board of directors, bringing Explorium’s total financing to ever more than $127M.
Eight months after its Series B, Explorium announced its most recent capital raising. This follows a year that exposed the drawbacks — and dangers — of forecasting analytics based solely on internal data, as well as the difficulties in acquiring meaningful and trustworthy data from beyond a firm’s four walls.
The consulting firm McKinsey & Co. summarized 2020’s developments by stating: “In a few short months, consumer purchasing patterns, activities, and digital behavior altered substantially, rendering preexisting consumer research, projections, and predictive models useless. Additionally, corporations found little use in their internal data as they rushed to comprehend these shifting trends.
Enterprise teams looked outside their businesses for data to support machine learning and other mission-critical analytics when business conditions changed and rule-restricted access to important streams of data, but they soon learned it wasn’t a simple process. According to a recent Explorium research, businesses were desperate for external data but unsure of how to obtain it.
Explorium’s customer base has increased and its income has more than quadrupled since the epidemic began. Explorium is used by businesses like BlueVine, GlassesUSA.com, Melio, and PepsiCo to improve AI models for use cases like lead scoring, spotting fraud and default risk, and advancing analytics like demand forecasting and customer lifetime value.