Artificial Intelligence Startup, Nodin Secures USD 5 Million

Nodin announced that it has secured a seed funding of USD 5 Million. Nodin also said it will soon launch its AI-driven augmented analytics platform.

Founded in 2005, Colorado-based Nodin was previously called as Appli. The company develops a SaaS-based platform delivers real-time and automated business insights. Anschutz Investment and Liberty Global Ventures are the primary investors in Nodin.

Executive Opinion

Chief Executive Officier (CEO) of Nodin, Jeff Allen, said, "Most analytics platforms only highlight what has already happened, with virtually no insight into WHY something happened. In contrast, Nodin's platform explains why things are happening in your business at the pace your business is moving. Once you understand why something happened, you can make better decisions about what to do to optimize results."

Partner at Liberty Global Ventures, Bruce Dines, said, "Nodin delivers business insights in ways that help companies make decisions faster and with greater confidence. Nodin is the first analytics platform (among many that we have reviewed) that allows decision makers to understand why changes are happening and simulate the impact of potential decisions before taking action. This is imperative for growing revenue, driving operational efficiencies and increasing profitability. Nodin's vision is bold, and we are excited to partner with them as they change the nature of data analytics."

The Problem Nodin Solves with AI

Modern business decisions are driven by insights into the data continuously generated by businesses. Nodin is using Artificial Intelligence to derive value from these data sets. The announcement also referred to the PricewaterhouseCoopers study that interviewed newly 300 executives and underlined this fact that data-driven insights to be "critical or important" to their businesses. In another research by Gartner, it was found that augmented analytics "will be a dominant driver of new purchases of analytics and business intelligence" by 2020.

Nodin developed its platform over the last eighteen months. The platform was tested and refined through pilot projects with several prominent companies in the U.S. and Europe, notes the announcement.

Nodin said that it will launch the AI-driven augmented analytics platform in April 2019.