New Funding Will Be Used to Expand the Reach of the Predictive Analytics Solution
Prevedere, a cloud-based enterprise predictive analytics provider, today announced it has closed $10 million in Series B funding led by Norwest Venture Partners with participation from Microsoft Ventures and existing investors PointGuard Ventures and Rev1 Ventures. Previously, Prevedere raised $6.7 million in Series A financing. Following record-setting year-over-year growth, Prevedere will use the new funds to accelerate the company’s fast-growing market adoption by enterprises looking to discover the true internal and external drivers of their businesses.
Prevedere’s software solution utilizes the latest in artificial intelligence and smart data discovery to provide business decision makers with highly accurate, real-time predictive models of future sales, revenue, costs and other critical KPIs. Elevating traditional business intelligence processes, Prevedere discovers economic and consumer behavior leading indicators that most accurately predict company performance. This gives executives the power to make better decisions in terms of budgeting, production, marketing, pricing, staffing and more to improve their bottom lines. Prevedere eliminates time-consuming manual analysis and guesswork for leading enterprises in manufacturing, consumer goods, retail, construction, insurance and financial services.
“Predictive analytics is one of the fastest growing software markets,” said Promod Haque, senior managing partner, Norwest Venture Partners. “Unfortunately, enterprises that invest billions of dollars in analytics still struggle to gain actionable insights. Prevedere’s combination of global data, artificial intelligence-led predictive analytics and an intuitive cloud application is geared directly to the business user, resulting in immediate value. This is evidenced by Prevedere’s impressive list of global enterprise customers.”
Over the past year, Prevedere has expanded its internal sales team and formed key partnerships and alliances with Nielsen, Microsoft and Baker Tilly to add significant value to its current and future customer base, including clients RaceTrac Petroleum, Advanced Drainage Systems and Masonite.
“We believe Prevedere has created a unique business intelligence platform that harnesses the power of the cloud to provide companies with more powerful business insights and forecasts within their established forecasting processes,” said Leo de Luna, managing director, Microsoft Ventures. “Our investment builds on our existing relationship as a partner to help expand Prevedere’s work with enterprise companies today and in the future.”
“Over the past decade, companies have struggled to integrate big data and predictive analytics into their planning and decision making processes in a meaningful way,” said Rich Wagner, founder and CEO of Prevedere. “Prevedere eliminates traditional barriers to insights – such as access to real-time data, automated leading indicator discovery and intuitive predictive modeling – which is why global enterprises are turning to us to improve their results.”
To learn more, visit Prevedere.com.
About Prevedere
A leader in business performance forecasting solutions, Prevedere is a predictive analytics company that is changing the way businesses predict and prepare for future demand. With external factors such as energy prices, consumer spending and currency changes often at the root of missed forecasts, Prevedere empowers enterprises to easily integrate these influences into their existing forecasting processes. By tracking and managing thousands of global sources on economic, environmental and consumer behavior data, Prevedere’s correlation engine accurately determines which factors are true leading indicators for company revenues, profits and even individual products, nationally and locally. By augmenting internal data with external predictive analysis, Prevedere’s clients see significant reduction in forecast error and reduce time to insights as much as 90 percent, resulting in smarter, more profitable decisions in an ever-changing economy.
Named the Most Innovative Tech Company of the Year by the 2016 American Business Awards, Prevedere solves a critical void in business planning. To learn more, visit prevedere.com and follow @Prevedere on Twitter.
About Norwest Venture Partners
Norwest Venture Partners is a global venture capital and growth equity investment firm that manages more than $6 billion in capital. The firm targets early to late stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. Headquartered in Palo Alto, Calif., Norwest has offices in San Francisco and New York, and subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. The firm has funded more than 600 companies since inception. For more information, please visit http://www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About PointGuard Ventures
PointGuard Ventures, founded by Krish Panu and Pete Thomas, both Silicon Valley venture capitalist veterans with 35 years of venture and operating experience, invests in dynamic new technology companies to create new market opportunities or to solve problems in existing markets more cost effectively. Their venture experience spans over 50 startups, 12 IPOs, and many successful M&A transactions. PointGuard’s new fund will invest in software, networking, and hardware to provide “technology convergence” solutions to many of today’s markets including Mobile Commerce, Cloud Computing, Greentech, Point-of-Care medical, Education, and applied Data Analytics. PointGuard’s fund strategy is to invest in a mix of companies in need of Series A & B funding, and in select later stage investments that are based in the U.S. with the potential for early global market entry.
About Rev1 Ventures
Rev1 helps entrepreneurs build great companies. Rev1 is a seed-stage venture development organization that combines investment capital and strategic services to help entrepreneurs build products people want and companies that succeed. Our seasoned, data-driven team delivers early market validation for startups, helping them lay the foundation for scalable growth with the skills to evolve their product, sell to customers, and build the right team. Rev1 manages a continuum of investment support from corporate, community, and innovation partners, as well as the Ohio Third Frontier. Rev1 was named the Most Active VC in Ohio in 2016 by CB Insights. For more information, visit: www.rev1ventures.com.