Hypersonix, an autonomous analytics and decisioning platform that is transforming consumer commerce data with artificial intelligence and automation, has received $11.5 million in Series A funding, led by Intel Capital with participation from existing investors.
Founded in 2018 by former executives from SAP, PayPal and IBM, the company offers a self-service analytics solution featuring in-the-moment recommendations, Hypersonix Prem Kiran, founder and CEO, said in a company press release.
The platform uses existing data sources alongside purpose-built engines that understand pricing, churn, consumer behavior patterns, along with external data like weather and local events, to meet the particular needs of consumer commerce, he said.
« Timeliness, and time-to-value, have become more important than ever, as companies navigate a post-COVID-19 marketplace, where the value of historical data has become a distant second to the real-time connection between customers and their needs, » Kiran said.
The investment comes at a time when IDC predicts worldwide revenues for big data and business analytics solutions to reach $274.3B by 2022. It also arrives on the heels of Gartner’s finding that, by 2021, « NLP and conversational analytics will boost analytics and BI adoption from 35% of employees to over 50%, including new classes of users, particularly front-office workers. »
Every wave of IT innovation creates a new set of opportunities, Mark Rostick, vice president and senior managing director at Intel Capital, said in the release.
« Hypersonix provides enterprises with industry-specific AI capabilities targeted towards decision-makers and business leaders, who demand accelerated time to value, » He said.
The solution is an easy-to-use, self-serve platform that interprets and provides insights that allow business leaders to focus on their core business and not overload their IT, said Vijay Reddy, investment director, at Intel Capital.
Hypersonix has raised more than $15 million in funding for the expansion and deployment of its Autonomous AI Analytics platform within consumer commerce industries, including retail, restaurant, hospitality, e-commerce, consumer-packaged goods and manufacturing.