Nodin Secures $5 Million in Initial Funding to Enable a New Approach to Data Analytics
The Company Will Launch Augmented Analytics Solution in April
Nodin has completed an initial round of funding of $5 million and will soon launch an AI-driven augmented analytics platform with a set of capabilities that have never been available to executives and business analysts. Formerly called Appli, Nodin has developed a SaaS-based platform that provides clear, automated business insights about what is happening in a business, why it is happening, and what to do next.
Data-driven insights are one of the most important emerging success factors for businesses. A recent PricewaterhouseCoopers study reviewed in the Wall Street Journal reported that nearly all of the 300 executives interviewed consider data-driven insights to be “critical or important” to their businesses. Another recent Wall Street Journal article reported Gartner Research findings that augmented analytics “will be a dominant driver of new purchases of analytics and business intelligence” by 2020. The conclusion of that research and other studies is clear: organizations that base their decisions on data-driven insights will grow faster than those who do not.
“Most analytics platforms only highlight what has already happened, with virtually no insight into WHY something happened. In contrast, Nodin’s platform explains why things are happening in your business at the pace your business is moving,” said Jeff Allen, CEO of Nodin. “Once you understand why something happened, you can make better decisions about what to do to optimize results.”
Allen added: “Nodin’s platform also solves one of the biggest challenges for companies looking to make data-driven decisions: automating the process of gaining insights from the mountains of data their businesses are generating. Analysts need tools that can augment their expertise and capacity to extract value from growing, disparate data sets, and that is exactly what Nodin delivers.”
Nodin will launch its platform in April. It was developed over the last eighteen months and has been successfully tested and refined through pilot projects with several prominent companies in the U.S. and Europe.
“Nodin delivers business insights in ways that help companies make decisions faster and with greater confidence,” said Bruce Dines, Partner at Liberty Global Ventures, which conducted a pilot project with the company. “Nodin is the first analytics platform (among many that we have reviewed) that allows decision makers to understand why changes are happening and simulate the impact of potential decisions before taking action. This is imperative for growing revenue, driving operational efficiencies and increasing profitability. Nodin’s vision is bold, and we are excited to partner with them as they change the nature of data analytics.”