Investment Led by Sutter Hill Ventures to Fuel Ongoing Product Development for Uncovering Catalysts Behind Demand
PredictHQ, the demand intelligence company, announced $22 million in Series B funding led by Sutter Hill Ventures and joined by existing investors.
“This funding enables us to move more quickly on our mission to bring demand intelligence to the world. In today’s hyper connected world, it just doesn’t make sense for businesses to miss out on factoring the significant impact of real-world events into their forecasting, pricing, planning, and other business optimization strategies,” said Campbell Brown, CEO and co-founder of PredictHQ. “Our API is being leveraged by some of the largest airlines, hotels, retail chains, and on-demand platforms in the world. Everything from conferences to sports to natural disasters impacts revenue, product usage, supply chain, and operations. Our technology allows these customers to consistently stay one step ahead. With this investment, we’re able to continue to expand the amount of anomalies we verify, rank, and predict the impact of, so we can realize our vision of predicting the catalyst behind any form of demand.”
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Each year, businesses lose billions in revenue due to their inability to accurately forecast changes in demand, customer interest, and activity. This is due to the challenges of predicting impactful events in advance, which are difficult to identify at scale because of their dynamic nature. This leads to a reliance on incomplete historical data that lacks context — leaving companies underprepared or unable to meet their customers’ needs.
PredictHQ works by aggregating and verifying more than two billion data points to enrich nearly 25 million events across 30,000 cities worldwide into a single API. The technology gives businesses a leg up on their competition by allowing them to identify which future events will drive demand. By correlating their historical demand with events, PredictHQ enables companies to zero in on the exact causes behind fluctuations in demand.
“When we heard about the huge problem PredictHQ was solving and the tech they are creating, we knew we had to get involved,” said Brian Blond, managing director at Sutter Hill Ventures. “PredictHQ’s demand intelligence is already transforming how businesses boost revenue and optimize labor. It’s rare to find a company that has identified an entirely new category and moved so effectively to own it.”
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The growing need for demand intelligence is evidenced by the fact that PredictHQ reported its largest fiscal quarter yet in Q4 2019, bringing the total revenue growth for the year to 125% more revenue than the year prior. This is the company’s third fundraising round. Its Series A in late 2018 was led by Aspect Ventures and included Lightspeed Venture Partners.
“The substantial growth PredictHQ has experienced in the past few years underscores the importance of demand intelligence for companies who want to stay ahead and excel within their markets,” said Theresia Gouw, PredictHQ board member and co-founder of Aspect Ventures and Acrew Capital. “We’re looking forward to seeing how PredictHQ will unlock new opportunities for revenue and potentially change the global economy.”
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