Putting AI at the heart of business – the next step

By Assaf Egozi on April 12, 2022

I am beyond excited to announce that Noogata has closed $16 million in Series A funding today, bringing our total funding to $28 million, with Eight Roads leading the round. Today, we have taken a huge step forward in realizing our vision of enabling any business user to quickly make informed, data-driven decisions leveraging AI. When we founded Noogata, we understood that the need for our solution was indisputable – businesses want to get more actionable insights out of their data and they need smarter, better, and more powerful AI tools and capabilities to unlock untapped value within their organizations.

Companies are sitting on large amounts of data that can provide answers to any potential business problem, but they often don’t know where to start and how to leverage this data effectively. We realized that we needed to focus on helping professionals quickly understand the massive amount of data in their hands, while making it easier to gain insights to specific questions to tackle some of the most critical business decisions ahead.

This was a gap – and a clear opportunity – not being addressed by leading firms. They often offered solutions for everything from data warehousing to business intelligence (BI), but lacked a simple way to parse through and integrate billions of data points to help users make rapid and accurate, data-driven decisions.

When we examined the issue more closely, what became clear was that tools aimed at making data more accessible were almost exclusively designed for data science teams and data specialists – overlooking the needs of professionals in other, critical business units. These tools are often complex, and developed for internal solution “builders” at an organization, rather than internal “consumers” who need digestible answers and insights.

We’re incredibly proud of what we’ve achieved since we launched Noogata only a year ago in early 2021. Our team believed that if we built something that was powerful, yet easy-to-use for any non-technical business professional, it would improve and accelerate decision-making and have an immense impact on organizations – and multiple industries.

We turned this belief into an entire business that provides solutions for market leaders – from Colgate-Palmolive to PepsiCo. – and we’re now harnessing that momentum in our next stage of growth, which includes over 100 employees by the end of this year.

 

We’re not scrappy anymore – we’re scaling!

When we started our discussions with Eight Roads and other investors, we knew that we were at an important juncture. For me, the move from seed funding to the Series A stage feels like the next step of growth, from the scrappy underdog to a company poised to take off and scale.

Eight Roads has tremendous experience investing in some of the most pivotal companies and technologies in data science. They have backed visionary companies building new categories of solutions, making Eight Roads an ideal partner for us. The Eight Roads team genuinely understands Noogata’s solution and vision for the future – and is joining our journey as a true partner. Knowing that they believe in our vision as much as we do and are willing and able to leverage their know-how, experience, and networks to support us as we scale is – and will be – invaluable.

What are our plans now? The answer is that we aren’t slowing down for a second. On the product side, we’re growing the team in our “AI Block Factory.” That’s where the magic happens as we build new AI libraries – our core service – blocks that pull in data to drive more powerful insights for the most pressing use cases. Our goal is to target more business functions, integrate more data sources, and make our analytics and decision-making tools even more helpful, advanced, and impactful.

At the same time, we’re working to ensure that the platform is fully integrated with the architecture of our enterprise partners. Part of this entails collaborating with exactly the right partners and then making our blocks available on their platforms to allow users to access  Noogata’s data and accompanying insights within their existing tools. Finally, we’re making big strides in sales and marketing. We have grown our go-to-market team from one to 10 people in just the last three months, with an eye on accelerating our business growth and new customer acquisition in the months ahead.

Every investor evaluates the team – including a company’s culture, leadership, and vision – when making a decision. All of this would not have been possible without the truly extraordinary team we have built. On my end – now that fundraising is completed – I will be spending my time diving right back into the business to build new products, partner with more companies and provide Noogata’s solution to new users. I’m grateful and thrilled that the team – made up of incredibly skilled, passionate, and committed individuals – is ready to take Noogata to the next level.

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Assaf Egozi
CEO and Co-Founder
Assaf Egozi, CEO and Co-Founder of Noogata, is passionate about the potential for AI to radically improve business results and has dedicated much of his career to forging a relationship between deep data intelligence and business growth. He has a deep understanding of business strategy and operations honed over 10 years at McKinsey and Company. Assaf has an MBA with high distinction from Harvard Business School and a BSc. in Economics and Computer Science from Tel Aviv University, where he graduated magna cum laude.

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