TL;DR:
- Data challenges persist in businesses; Deloitte’s 2019 survey reveals 67% of executives struggle with data usage.
- Virtualitics, a startup co-founded by Michael Amori, focuses on enhancing data visualization and insights.
- Traditional dashboard tools fall short in revealing hidden insights; Virtualitics employs 3D visualizations, AI, and knowledge graphs.
- The startup’s data visualizations can be experienced in VR and AR, differentiating it from other BI tools.
- Virtualitics achieves 370% YoY revenue growth, attributed to government sector contracts, including the Department of Defense.
- Series C funding of $37M secured, led by Smith Point Capital, to accelerate AI integration and expand operations.
Main AI News:
The realm of data management presents an ongoing conundrum for numerous enterprises. Recent studies underscore this struggle, with a 2019 Deloitte survey revealing that a staggering 67% of corporate executives express discomfort when it comes to accessing and utilizing their organization’s data effectively. Moreover, despite substantial investments in AI and business analytics tools, less than a third of companies identify as being genuinely data-driven, as indicated by a poll conducted by NewVantage Partners.
Michael Amori, the visionary co-founder behind Virtualitics, a pioneering startup, pinpoints the root of this issue: inadequate tools. He asserts that the inadequacy of conventional dashboard instruments results in an inability to unveil the concealed insights intertwined within today’s intricate data landscape. Amori emphasized during an email interview, “As the significance of bias, privacy, and ethics in data handling surges, a comprehensive grasp of data, outliers, and patterns becomes pivotal, allowing companies to foster a culture of responsible data utilization.”
Originating in 2016 as a brainchild of a collaboration between Caltech and NASA’s Jet Propulsion Lab in Pasadena, Virtualitics was catalyzed by the synergy between Michael Amori and luminaries like George Djorgovski, an astronomy and data science professor at Caltech, and Ciro Donalek, a computational staff scientist at Caltech’s Center for Data-Driven Discovery. “The convergence of Donalek’s expertise in AI, especially in aiding Caltech astronomers in processing vast data sets, and his work in establishing collaborative virtual spaces, laid the foundation for Virtualitics,” elucidates Amori. The company’s core focus lies in augmenting data analysis by employing three-dimensional visualizations to transcend conventional methodologies.
Operationalizing this vision, Virtualitics ingeniously melds 3D visualizations, knowledge graphs, and AI to elucidate interrelationships among disparate data points. Whether supplied with single or multiple data sets, coupled with inquiries framed in plain English, the platform excels in generating annotations and explanations. These can be seamlessly embedded in reports, dashboards and promptly shared across an organization’s stakeholders.
Illustratively, a financial institution could harness Virtualitics to discern intricate patterns of payment and wire fraud, while a marketing enterprise could harness its prowess to pinpoint emerging customer segments and identify optimal marketing channels. Although a myriad of business intelligence tools exist, such as Bayes (acquired by Airtable in 2021) and Flourish (owned by Canva and headquartered in London), Virtualitics distinguishes itself in various ways.
Notably, its data visualizations transcend screens, extending into the realms of Virtual Reality (VR) and Augmented Reality (AR). Additionally, Amori contends that the platform stands out due to its user-friendliness and remarkable potency, rendering it accessible to a broad spectrum of users without necessitating extensive technical expertise. “Traditional data exploration tools are shackled by limitations in deciphering and visually representing the intricacies of modern data,” notes Amori. “Moreover, conventional analytics and dashboards fall short in delivering visually intuitive outputs, thereby impeding a comprehensive understanding of implications and predictive insights.”
The jury remains out on these assertions, yet one fact remains undeniable: enterprises often grapple with fostering internal usage of their invested business intelligence software. A 2020 survey by 360Suite corroborates this, identifying challenges centered around user adoption, data quality control, cost management, and security as prime impediments to realizing data analytics goals.
Amidst this landscape, Amori juxtaposes Virtualitics’ distinctiveness against traditional business intelligence tools. He underscores that while the latter aim to “report the news” and enhance data accessibility via simplistic dashboard displays, Virtualitics veers toward a divergent trajectory, offering a multifaceted approach to data understanding and utilization.
As a testament to Virtualitics’ resounding triumph, its revenue has surged by an impressive 370% year-over-year, a feat largely attributed to securing governmental sector contracts. Noteworthy clientele like the Department of Defense has propelled this growth trajectory, aided by strategic appointments of retired military luminaries to Virtualitics’ advisory board.
Paving the way for an even more ambitious phase of expansion, Virtualitics has successfully secured a $37 million infusion of capital through a Series C funding round, spearheaded by Smith Point Capital. This round attracted participation from financial titan Citi and selected advisory clients of The Hillman Company. The recent funding injection propels Virtualitics’ total raised capital to $67 million. Amori directs this financial influx toward bolstering collaborations, fortifying customer success initiatives, and exponentially expanding the company’s workforce, which currently stands at 76 individuals.
“The impetus behind our Series C funding endeavor emanated from two pivotal factors,” asserts Amori. “Firstly, our proven track record of fruitful collaboration with the Department of Defense on mission-critical endeavors continues to burgeon. Concurrently, we recognize the escalating enterprise demand for AI-fueled analysis, driven by the ever-expanding dimensions of data size and complexity. This capital infusion will empower us to expedite our roadmap, weaving more advanced AI, particularly generative AI technology, into our platform. This strategic move aligns with our commitment to meet the evolving demands of our clientele and the dynamic market landscape.”
Conclusion:
The success of Virtualitics’ substantial funding round underscores the growing importance of accessible and potent data visualization tools. With an impressive revenue growth rate and strategic partnerships, Virtualitics exemplifies the power of integrating AI and immersive technologies to provide actionable insights. This signals a shifting trend in the market, where businesses increasingly seek innovative solutions to make data-driven decisions, laying the foundation for a more data-responsive landscape.
