Pecan.ai, a startup designed to help business analysts develop machine learning models in an automated manner, emerged from Stealth today and announced a $ 11 million Series A.
The round was led by Dell Technologies Capital and S Capital. Together with a previously unannounced launch round of $ 4 million, the company has raised a total of $ 15 million.
CEO Zohar Bronfman said he and co-founder Noam Brezis, whom he has known for over a decade, founded the company with the goal of building an automated platform for machine learning. They found that much of the work involved in building machine learning models is to retrieve data in a form that the algorithm can process, which they automated in Pecan.
"The innovative thing about Pecan is that we take over the entire data preparation and processing as well as the engineering and data processing [complete the] different technical steps [for you]"Bronfman explained.
The target user is a business analyst who uses business intelligence and analysis tools. He wants to incorporate the power of machine learning into his data analysis, but doesn't have the skills. "The business analyst knows the data very well, knows the business problem very well, and speaks directly to the business owner of the problem – and he's currently doing basic analysis," he said.
Pecan contains a number of templates that can be used to answer frequently asked business questions. You divide them into two main categories. The first question concerns customer questions about how much churn we have and the second business questions related to things like risk or fraud. If the question doesn't fall into one of these categories, you can create your own template, but Bronfman says this is really for advanced users.
After selecting the template and referring to a data source such as a database, data lake or CRM repository, Pecan connects to the source and pulls data into a dashboard. You can also export the algorithm for use in an external service or application, or Pecan can automatically update a data repository with the data measured by the algorithm, e.g. B. the churn rate.
The founders have been building this platform since they founded the company in 2016 and have been working with beta customers for around 18 months. Today they emerge from the hidden and seriously bring pecan to the market.
Bronfman plans to move to New York City and open a sales and marketing office in the United States, while Brezis stays in Tel Aviv and oversees the engineering. It's just getting started for this start-up, but with $ 11 million in capital, it has a chance to launch the product and see what happens.