Pecan AI Raises $35 Million Series B Financing to Help Companies Cross the AI Chasm
Pecan’s predictive analytics platform brings effective, scalable AI and data science within reach for every business
May 5, 2021
NEW YORK / TEL AVIV — May 5, 2021 — Pecan AIArtificial intelligence (AI) refers to the development of computerized systems that can carry out tasks and perform actions that augment or take the place of… More, the business-ready predictive analyticsPredictive analytics uses data, statistics, and machine learning techniques to build mathematical models that can generate predictions about things likely to happen in the future…. More company, today announced $35 million in new funding to equip both commercial analysts and business stakeholders with the power of predictive AI.
Global investor GGV Capital led the round with participation from Vintage as well as existing investors Dell Technologies Capital, S-Capital, and Mindset. This round brings the company’s total financing to more than $50 million. This Series B will allow Pecan to expand its operations globally and continue to help organizations accelerate the adoption of AI and advanced analyticsAdvanced analytics is the use of sophisticated quantitative approaches to data that can not only reveal insights, but also provide predictions and offer forecasts. These… More.
“Pecan was designed to drive business value from AI. In one intuitive platform, analysts and business stakeholders can obtain actionable insights and see outputs in a matter of days after adding their raw data—helping companies evolve from BIBusiness intelligence (BI) includes gathering, storing, and analyzing business data, as well as using that analysis to inform the actions of the business. More to AI,” said Zohar Bronfman, CEO and Co-founder at Pecan. “We have seen tremendous uptake in adoption of our platform from organizations of all sizes, and are looking forward to expanding globally and bringing real business value to our customers.”
The business world knows that AI will somehow power the next revolution in analytics. But scalable rollouts of AI have been slow, and there is a gap estimated in the dozens of billions of dollars between the potential of AI and businesses’ ability to implement and deploy complex models. Current solutions are time intensive and costly, and eerily reminiscent of the ivory tower IT-based analyticsAnalytics is a business practice that uses descriptive and visualization techniques to gain insight into data; those insights can then be used to guide business… More before business intelligence (BI) became widespread. Pecan democratizes data scienceData science combines statistics, computer science, scientific methods, and business knowledge to analyze, model, and predict using data. The data science toolkit can be used… More and AI by putting the power of predictive modeling in the hands of business analysts, with a platform that models its straightforwardness after classic BI as well. It does all this while dramatically reducing time-to-insights at a fraction of the cost of traditional approaches.
Enthusiasm for the company’s technology can be seen in the rapid customer adoption by companies such as Johnson & Johnson ($JNJ) and Sciplay ($SCPL) who are using the platform to drive key business outcomes around customer journey analytics like churn and retention, demand forecastingDemand forecasting involves trying to determine the likely future need for an item, based on historical data and analytics showing how much of it has… More, and identifying upsell opportunities.
In 2021, the Consumer Health business in North America at Johnson & Johnson partnered with Pecan in order to further develop supply chain forecasting. In this joint effort, Thomas Dickey, Director for North America Consumer Health Supply Chain for Johnson & Johnson shared, “We improved forecast accuracyIn predictive analytics, accuracy is a measure of a predictive model’s performance. It’s usually expressed as a percentage, calculated by dividing the number of correct… More in our seasonal business and we have a deeper understanding of the variables that may influence a consumer demand signal.” Bertrand Klehr, Vice President Consumer Health Supply Chain for North America for Johnson and Johnson, explained that “partnering together with Pecan we are continuing our focus on what consumers want to purchase at the right time and place.”
Mobile game publisher Sciplay has also seen the way they utilize and operationalize data science and AI transformed by Pecan’s user-friendly platform.“With Pecan, we are able to spin up new predictive models for churn and lifetime value predictions as easily as using a BI tool. Our business analysts are now doing data science with Pecan—it’s amazing,” said Evyatar Livny, Director of Product at SciPlay Corporation.
“As AI becomes a critical tool for businesses to understand what the future holds, we see outsized potential for a tool like Pecan to democratize data science and bring the power of AI to business users and data analysts,” said Oren Yunger, Investor at GGV Capital and new board member for Pecan.
About Pecan AI
Pecan helps business intelligence, operations, and revenue teams predict mission-critical outcomes. As the world’s only low-code predictive analytics and data science platform, Pecan enables companies to harness the full power of AI and predictive modeling without requiring any data scientists on staff. With Pecan’s platform, companies turn hindsight into foresight by generating highly accurate predictions and recommendations that improve customer lifetime value, retention, conversion rates, demand forecasting, and other revenue-driving KPIs. Founded in 2018, Pecan’s predictions impact billions of dollars in revenue for fintech, insurance, retail, consumer packaged goods, mobile apps, and consumer services companies of all sizes. Learn more at www.pecan.ai.