FintekNews Deal of the Day – Anodot Raises $8M

First, interesting name, and just as FintekNews spells “fintech” a little differently, we GUESS that Anodot is a derivative spelling of the word “antidote”, which according to Oxford Dictionary, is “a medicine taken or given to counteract a particular poison.”  In this case, the poison is a “business incident” on customers’ websites that adversely affects revenue, and Anidot quickly identifies it so a technical “medicine” can be given to fix the problem.  There – analogy provided – and you are welcome!

Anyway, according to their press release announcing their most recent round of funding……”Anodot brings machine learning and real-time streaming data together to identify, report, and visualize business incidents as they occur, enabling its customers – often Business Intelligence analysts serving all aspects of a company’s operations – to quickly and effectively manage crises and uncover business opportunities. Instead of the usual days or weeks it currently takes companies to detect and understand data anomalies, Anodot’s SaaS solution is capable of identifying and notifying customers about issues in mere minutes.”

They qualify as a fintech (to us anyway), becasue they work with fintechs, such as Credit Karma, to identify business incidents that negatively impact revenue quickly , that in the past have taken from 24 hours up to 3 days to identify.

According to Credit Karma………“If the entire service were down, we would know pretty quickly, of course, but for errors impacting a specific page, offer, browser, platform or feature – all of which affect revenue and customer satisfaction – we would not know for at least a day or two using other analytics tools, and Anodot finds them right away.”

The Crunchbase listing has not yet been updated with this latest round, but according to today’s press release…..”Anodot, the real time business incident detection and analytics company, today announced $8 million in funding led by Aleph Venture Capital with participation by Disruptive Technologies L.P., bringing Anodot’s total funding to $12.5 million. The funds will be used to expand the company’s global sales and operations and meet demand for its service. In the nine months following Anodot’s launch, dozens of customers, including several Fortune 500 companies, have already implemented the product to prevent crises and drive revenues.”