The startup plans to use the funding to accelerate AI adoption in companies. Here are the top-line bullets you need to know.
Pecan, an AI-powered business analytics platform, has raised $35M in a Series B with participation from GGV Capital, S Capital, Dell Technologies Capital, and more.
How’s the company performing?
- Israel-based Pecan uses its AI technology to create rapid indicative models. The platform allows analysts and businesses to add data, release off-the-shelf predictive models, and see final outputs.
- The company has 50 employees and plans on doubling that within the next year.
- Pecan’s platform can deliver accurate predictive models to customers within weeks with no pre-existing knowledge and with a 90% accuracy rate.
- Pecan’s platform is used by retailers, consumer products companies, and mobile app developers. Its clients include Johnson & Johnson, among others.
Why does the market matter?
- The global predictive analytics space is projected to grow at a CAGR of 24.5% and reach a value of $21.5B by 2025, according to Market and Market.
- The use of predictive analytics is being driven by an increasing focus on digital transformation, growing use of big data, AI, and machine learning to enable faster decision-making and reduce cost.
- The Covid-19 pandemic has led to a significant increase in investment by major companies for remote monitoring support like insights on demand and inventory position.