Predictive analytics startup Pecan.ai raised $35 million in a series B round led by GGV Capital. The funds will allow Pecan to expand its operations globally and help organisations adopt AI and big data, according to Zohar Bronfman, Cofounder and CEO.
Pecan, which has offices in New York and Tel Aviv, offers a no-code platform that automates data, encoding, restructuring, cleansing, and engineering to create AI-based predictive algorithms from a number of deep neural networks.
During the pandemic, Johnson & Johnson used its platform to help predict changing consumer behavior and buying patterns across different consumer product groups, as well as supply chain forecasting.
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Pecan supports data in a range of formats and offers dashboards to provide visibility into factors that might affect outcomes. The platform, which can output its predictions to third-party software, continuously monitors and optimises models while enriching them with external data.
The idea is to let analysts and business stakeholders obtain actionable insights and see outputs in a matter of days after adding their raw data. Pecan supports use cases that include demand forecasting, conversion, lifetime value, next best offer, VIP customers, upsell and cross-sell, churn and retention, and sales analytics.
Vintage and existing investors Dell Technologies Capital, S-Capital, and Mindset also participated in Pecan’s latest funding round. It brings the five-year-old company’s total raised to more than $50 million, following an $11 million series A in January 2020.
