Business Analytics Company Anodot Raises $23 Million

Israeli business analytics startup Anodot Ltd. announced on Tuesday a $23 million Series B investment led by Luxemburg-based venture capital firm Redline Capital Managementת with participation from existing investors Aleph Venture Capital and Disruptive Technologies Venture Capital.

For daily updates, subscribe to our newsletter by clicking here.

Anodot develops and provides business analytics services to ecommerce, retail, internet and mobile clients, including companies such as Microsoft, Foursquare, Lyft, Wix, and Waze.

Anodot was co-founded in 2014 by David Drai, who previously co-founded content delivery network Cotendo Inc., bought in 2012 by Akamai Technologies Inc. for over $250 million. Anodot’s other founders are Ira Cohen, former Chief Data Scientist at HP, and Shay Lang. The company employs 45 people in its offices in Silicon Valley and in Ra’anana, 13 miles north-east of Tel Aviv.

“Traditional business intelligence focuses on dashboards and other tools that analyze historical data, focusing on specific portions of data and addressing pre-defined queries,” Benno Jering, principal at Redline Capital, said in a statement. “Anodot addresses a completely different need by surfacing the issues you wouldn’t know to ask about, across constantly changing massive amounts of data.”

“In the three years since Anodot was founded, we have already created a metric analytics platform that tracks, visualizes, detects and alerts over 2000 users about issues and insights affecting their businesses,” Anodot co-founder David Drai told Calcalist in an emailed response. “Anodot automatically finds (digital) "blind spots" using artificial intelligence - we look at all the company's data, all the time, and we know how it's supposed to behave, so we can raise the alarm if something starts behaving strangely.”

In a statement, Anodot said it will use the funds to open offices in London and Asia-Pacific, grow its U.S. team, and increase its sales and marketing investment.