Virtualitics, a data visualization startup, has raised $37 million in a Series C funding round led by Smith Point Capital, with participation from Citi and advisory clients of The Hillman Company. The company, which was launched in 2016, uses 3D visualizations, knowledge graphs, and AI to expose the relationships between different points of data. Its data visualizations can be viewed in VR and AR, making it simpler to use and more powerful than most solutions on the market.
The Problem with Traditional Data Exploration Tools
According to Michael Amori, the co-founder of Virtualitics, traditional data exploration tools have limited capabilities in identifying and visualizing the complexity of today’s data. Also, traditional analytic techniques and dashboards fall short in providing visually intuitive outputs, making it hard to truly understand what the findings mean or predict what lies ahead. All of this is combined with the fact that humans approach a data set already with a bias, a preconceived notion of what might be going on in the data, and then they explore the data to see if their hypothesis was correct.
Virtualitics Solution
Virtualitics software helps companies visualize their data and gain insights from it. Given a data set (or several), optionally along with a question in plain English, the platform can generate annotations and explanations, which can then be embedded in reports and dashboards and shared with stakeholders across an organization. A customer in the financial industry could, for example, use Virtualitics to spot patterns of payment and wire fraud. Or a marketing company could leverage the platform to identify emerging customer segments and the marketing channels most likely to perform best.
Virtualitics Success
In a testament to Virtualitics’ success, the company’s year-over-year revenue has increased by 370%. Virtualitics recently appointed a retired U.S. Army General, John Murray, and former U.S. Navy Vice Admiral, Timothy White, to its advisory board. The company’s recently acquired government sector customers, which include the Department of Defense, have contributed to its growth.
The Future of Virtualitics
With the new funding, Virtualitics plans to accelerate its roadmap, integrating more AI and specifically generative AI technology into its platform, and further scaling its business to meet the evolving needs of its customers and the market.
Conclusion
Virtualitics’ innovative approach to data visualization and analytics has attracted significant investment and government sector customers. Its software offers a simpler and more powerful solution than traditional data exploration tools, making it easier for companies to gain insights from their data. With the new funding, Virtualitics plans to continue expanding its capabilities and meeting the evolving needs of its customers and the market.