UK start-up AVORA, the enterprise analytics platform powered by native machine learning technology, has raised $6.5m (£5.1m) in a Series A funding round led by Albion VC and existing investor Crane.
Other previous backers who took part in the round included Dr Steve Garnett, former Chairman EMEA Salesforce.com, and Stephen Kelly.
AVORA’s client base includes Telefonica, OMD, NPR, HBO LatAm and Ocado. It will use the funds raised to expand its leadership and sales teams, launch in the US market and continue to evolve its technology by enhancing its in-platform machine learning algorithms. The financing will also be used for the development of an app marketplace to enable customers to build their own solutions on top of its platform.
AVORA uses the power of machine learning and augmented intelligence to enable a new way of working with data. Its algorithms aim to unveil insights and intelligence to businesses in seconds, versus the days if not months it would normally take.
Ricky Thomas (pictured above), founder and CEO, AVORA, said: “Real-time, comprehensive data analysis is vital for organisations. But, legacy solutions are characterised by complex and laborious IT-led deployments across multiple systems. This is slow, clunky and expensive. That’s why so many companies are ditching BI tools altogether – they just don’t work. I started this business out of that very frustration.
“Our technology harnesses machine learning and augmented intelligence to revolutionise this problem, replacing fragmented legacy infrastructure with an end-to-end, continuous system of insights that is both faster to deploy and more flexible to use.
“We are delighted to announce our Series A funding round today as we look to further invest in developing our unique technology and expand to bring its benefits to new markets.”
Ed Lascelles, Partner, Albion VC, added: “Businesses have been let down by intelligence tools at a time when data-driven strategic analysis is more important than ever. AVORA’s full stack system of intelligence is already transforming the operations of its clients. We are thrilled to support Ricky and the team and look forward to helping them go from strength to strength.”
Scott Sage, Partner, Crane, commented: “There is a huge opportunity for companies to leverage all of the data sitting on disparate systems in the cloud and across various applications to create automated analytics. For too long, the BI market was focused on reporting as opposed to taking action. AVORA now enables actionable insights which have already transformed existing customers’ businesses.”