Pecan AI, the leader in AI-based predictive analytics for business intelligence analysts and business users, today announced it has raised $66 million in a Series C round led by New York-based global private equity and venture capital firm Insight Partners. This round also included participation from GV (formerly Google Ventures) and existing investors S-Capital, GGV Capital, Dell Technologies Capital, Mindset Ventures, and Vintage Investment Partners. Crystal Huang, a Partner at GV, will join Pecan’s board as an observer.
Meeting the data challenges businesses continue to face
Most companies are finding it challenging to drive insight from the oceans of data they manage. The legacy platforms of the past are still struggling to truly democratize AI since we are still in the early innings of translating the capabilities of AI into everyday business value. This means, to truly be able to understand data and derive insights from it, companies need to hire an abundant amount of data scientists to build predictive models, but that isn't effective and doesn't always succeed.
Pecan is a low-code predictive analytics and data science platform that enables companies to harness the full power of AI and predictive modelling without requiring any data scientists on staff. It helps business intelligence, operations, and revenue teams predict mission-critical outcomes– from strategic global demand forecasting to performance of everyday marketing campaigns, and everything in between. Using Pecan, companies can turn massive amounts of raw transactional data into accurate predictions which allow them to boost customer acquisition, retention, and lifetime value, improve conversion rates, demand forecasting, and recourse allocation, optimize supply-chains, pricing, and packaging, and above all, enhance probability and other revenue-driving KPIs.
So far, midmarket and enterprise companies across fintech, insurance, retail, consumer packaged goods, mobile apps, and consumer services have adopted their platform. Customers see growth in efficiency, effectiveness, and return on investments:
“With Pecan’s solution, our forecasting accuracy has improved, especially in our most challenging consumer segments, and we deployed our models to production quickly. We now have a granular understanding of the factors influencing consumer preferences and can adjust our production and distribution to remove variability across the supply chain. We look forward to expanding our partnership further as we focus our efforts on delighting the consumer.” Thomas Dickey, Director of North America Supply Chain at Johnson & Johnson
Over the last year, Pecan has once again more than tripled its annual recurring revenue and raised over $100 million. This exponential growth clearly indicates the market need for low-code predictive modelling for business insights. The recent funding will be used to scale Pecan’s global footprint and accelerate research and development, to overcome the data science scarcity gap. Crystal Huang, Partner at GV and new board member said, “We are thrilled to partner with Pecan on their mission of democratizing access to AI-powered predictions.”
Pecan was founded in 2018 by Noam Brezis (CTO), Zohar Bronfman (CEO). They have raised $117 million to date, and their client list includes well-known companies like Sciplay, CAA and Hafenix.