Data analytics startup DataChat has raised $25 million in a Series A funding round led by Redline Capital and Anthos Capital. The funding round also had participation from previous investors such as Celesta Capital and Nepenthe Capital. Partner at Redline Capital, Tatiana Evtushenkova commented on the round:
“Business data analytics is largely stuck in decades old processes driven by traditional business intelligence tools. Jignesh and his team have a radically different approach to democratize analytics using a novel conversational paradigm, and they have a compelling vision to dramatically transform the existing analytics ecosystem. We are delighted to have led this round.”
Founded as a subsidiary of the University of Wisconsin and headquartered in Madison, DataChat receives funding from the American Seed Fund and the Wisconsin Alumni Research Fund (WARF). DataChat helps businesses make data-driven decisions to capture trends quickly by using big data.
At present, users of existing data analytics platforms can answer complex analytical questions based on dashboards or prepared spreadsheets but are not able to create new, complex analytic processes using advanced methods such as simple machine learning. To overcome the challenge of empowering users for business, the startup enables data science self-service through chat with DataChat’s all-in-one platform. Co-founder of Anthos Capital, Bryan Kelly, referred to this mission by stating::
“We were struck by the sheer simplicity of the solution that DataChat has built, abstracting away complex machine learning and collaboration machinery that is needed to realize the full potential in enterprise data. We were also impressed by the stellar DataChat team that combines world-class technology creation with a deep customer-empathic approach in everything that they do.”
The data analytics startup has developed an approach described as “AI + BI = CI”, driving analytics to the next level using a new Conversational Intelligence (CI) approach and bringing artificial intelligence (AI) and business intelligence (BI) to the next level.