Virtualitics Receives Investment for AI-Focused 3D Data Exploration

California-based Virtualitics provides businesses with an AI-focused platform for 3D data discovery. Now it has announced $37 million in a series C funding round. How does the company intend to use the capital? Virtualitics said it will use the capital to expand its footprint and make it easier for users to analyse and understand complex, business-critical datasets. The round was led by Smith Point Capital with participation from advisory clients Citi and The Hillman Company, among other investors. The 2016 round brings the total capital raised by Virtualitics, which exited Caltech and NASA's Jet Propulsion Lab, to $67 million.

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Virtualitics

It should be noted that Virtualitics currently offers integrations with leading data platforms such as Snowflake and Databricks. It also counts defence and national security agencies among its customers. In the last 12 months, it has acquired seven new customers across the Ministry of Defence. It has also increased customer acquisition in the financial services and CPG markets. This round of funding will allow Virtualitics to focus on growing its footprint and customer base, as well as innovating.

There is an unprecedented increase in the number of internal systems and applications. Enterprise data is exploding like never before. IDC estimates that the global data sphere will reach 163 zettabytes by 2025, 60 per cent of which will be enterprise data. This mountain of information will be nothing short of a nightmare for teams looking to gain valuable insights for business growth and competitive advantage. Teams often tackle data analytics with the help of business intelligence and visualisation tools such as Power BI, Tableau, GoodData and DataBox. The solutions are pretty good. But Virtualitics claims that most of them are not suitable for complex data analysis. Also, the dashboards and reports they create are not always easy to grasp and use.

In order to address these gaps, the company offers an Intelligent Discovery platform that allows users to run natural language queries on complex multi-dimensional datasets and create network graph visualisations to understand them. The platform uses AI and ML models to analyse data and quickly uncover hidden patterns, such as potential upsell opportunities. It also enables users to make informed decisions.