Today(Wednesday), Israeli startup Pecan.ai, a business predictive analytics platform, announced the closing of a $35 million Series B funding round. The investment was led by GGV Capital - a former investor in Slack, Peloton, and Airbnb. The round also included participation from Vintage as well as existing investors Dell Technologies Capital, S-Capital, and Mindset.
No-code, AI powered business intelligence
Pecan.ai develops a predictive analytics business intelligence platform that utilizes AI technologies to rapidly produce indicative models. Based on the insight provided by the Pecan system, analysts and stakeholders can improve their future processes while also upgrading decision-making capabilities.
“Sales, marketing, and data teams use Pecan to generate AI-driven consumer behavior predictions, such as willingness to purchase products, bounce rate, identifying high value customers, next best product, and more,” says CEO Zohar Bronfman in a conversation with Geektime. According to Bronfman, Pecan’s platform aims to optimize the technical phases when developing prediction models, and doesn’t require any programming knowhow.
On a technical level, Pecan connects with a customer’s database and automates the entire data processing and modeling process in order to provide up-to-date predictions. “Pecan’s main IP can optimize the data for the AI algorithms. Pecan runs hundreds of algorithms at once, all competing for the “best” prediction,” adds Bronfman.
Pecan.ai was founded in 2018 by Bronfman and CTO Noam Brezis. The company plans to use the capital to expand R&D and sales globally. Pecan has raised $50 million to date, and has dozens of employees split between Tel Aviv and NYC offices.