Czech Analytics Firm Wins Seed Funds

Czech Republic-based 'prescriptive analytics' company Futurelytics Inc has closed a seed financing round of $800k, earmarked for faster product development, new strategic partnerships and international expansion, initially to the US and UK.

The round was led by Index Ventures and Credo Ventures, with support from Kima Ventures and business angel Rob Keve. Futurelytics also won $65,000 in initial funding last year from early-stage European investment fund Seedcamp.

The company's software provides businesses with a plug-and-play solution tapping into existing data sources such as CRM systems and e-commerce solutions, uses behavioural patterns to rate and segment customers, and then makes recommendations on how to increase revenue, retain and win customers.

CEO Daniel Hastik comments: 'The notion that to be able to mine data, you need to be a big firm with an IT department to manage it, expensive software to crunch it and data scientists to analyse it, is false. Most businesses already have customer data in various cloud services. We offer them a very simple way to analyse those data sets and immediately take actions that will directly impact their business. It's that simple.'

Index Ventures' Jan Hammer says prescriptive analytics are the successor to descriptive and predictive analytics, and mean that Futurelytics essentially offers to run campaigns for companies. Credo Ventures Partner Ondrej Bartos says Futurelytics has delivered on its milestones and has impressed with both its team and its vision.

Web site: www.futurelytics.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.