Virtualitics Secures $37M Investment for AI Data Visualization Advancements

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1:03to be a really big hurdle for a lot of enterprises. And if you look at the actual statistics of this, Deloitte did a survey back in 2017, which of course is a couple years back, but I think it's still fairly relevant. And essentially they said that 67 % of executives struggle with comfortably accessing or leveraging the organization's data. And I think with AI, this is the absolute best time to take all of that data that was previously very hard, right back in 2019, this is very hard to get to, put it into these AI models and make these conversational or automated reports that not only can give these executives reports on their data, reports on what's happening, but also break down what this means and give key takeaways and automated reports.

1:48I think this is absolutely perfect. So this was echoed by New Vantage Partners poll where less than a third of firms regarded themselves as truly data-driven, even in light of significant investments poured into AI and business analytics. And this is where Virtualytics comes in. So Virtualytics was actually founded back in 2016. And the startup, essentially its origins go back to the intellectual grounds of Caltech and also NASA's Jet Propulsion Lab. So Virtualytics was essentially created by a collaboration between Michael Amori, that's the co-founder, and George Jajorovsky, which is a Caltech professor who specialized in astronomy and data science.

2:31And then also Ciro Demelak, who is a computational scientist from Caltech Center for Data-Driven Discovery. So Amori emphasizes the present issue with today's tools, and he says, quote, common dashboard tools fall short of revealing the hidden insights buried in today's intricate data. With rising concerns, I think, about bias, and then you have, you know, people talk about privacy and ethics, he actually believes that a deeper understanding of data and its outliers and patterns is really critical for companies to improve responsible data usage. So I think the unique proposition of Virtualytics, if we want to kind of get into that, is the fact that it essentially combines 3D visualizations, knowledge graphs, and AI to unveil relationships within data.

3:19So users essentially can input a data set and a query in plain English and the platform then serves up annotations and explanations that can be integrated into reports and dashboards which essentially is just streamlining communication across the enterprise. So I think this is really useful. Obviously we're seeing a lot of companies that are struggling with this today and I think this is a pretty solid response to that. So for instance, you know, a financial institute, they could use virtualytics to, you know, identify payments and wire fraud. And if you want to use this in different industries, right, like let's say you're thinking about marketing, you could use virtualytics or a marketing firm could use virtualytics to pinpoint emerging customer segments.

4:03So while the market isn't short for business intelligence tools, I think there are a lot of them out there, you know, such as Baze acquired by Airtable back in 2021 and, you know, Canva owns Flourish, which is based in London. I think Virtualytics claims a distinctive edge. Its visualizations are accessible in VR and AR, which is quite interesting, especially when you're talking about companies doing things remote and doing meetings on those platforms, especially with the emergence of Apple's new headset. But I mean, beyond that, I think Amore asserts that virtualytics is not just you know user-friendly but also more potent than many existing solutions so this is without you know necessitating profound technical know-how so despite the innovations the adoption of business intelligence software remains a concern uh 360 suites 2020 survey identified user adoption and data quality controls as the main challenges that companies are grappling with so that's you know not forgetting cost control and security which are also other factors So I think, you know, drawing a line of distinction, Amori was, you know, kind of talking about it.

5:11And this is what he said, quote, While Virtualytics may occasionally find itself categorized alongside business intelligence tools, our approach is substantially different. Traditional business intelligence tools merely report the news through straightforward dashboard reports. So I think the momentum is on Virtualytics' side in this specific case. And I think they had evidence of a 370 % year-over-year revenue increase. Absolutely incredible. So they're obviously growing very fast. And when these companies are raising a lot of money, this is the golden ticket. This is what people are looking for.

5:48This is what you want to see is revenue up, usage up, and doing that in a sustainable manner. And it would appear that they're doing this. But I think the surge, according to Amore, is largely attributed to recent partnerships with government entities, including the Department of Defense. So their collaboration spans projects such as operational readiness and intelligence analysis. And kind of to reinforce their strategic board, Virtualytics recently brought on the retired Army General John Murray and also a former U.S. Navy Vice Admiral, which is Timothy White. and so I think that you know that's really going to help with a lot of their strategic aspects and especially right now as they're integrating with the Department of Defense and working on these government contracts this is going to be a really big to their growth so I think kind of looking at future expansion and where they see this going I think Virtualytics has successfully secured this 37 million dollars this is a series c funding round right so this is not their this is not something like super new and they've been around for a while and they've been growing for a while but smith point capital took the lead on this round um with city and the hillman's company as advisory clients uh that you know are also participating in this i think this boost really takes virtualytics total funding to around 67 million dollars so amori underscores that the capital will fuel collaborations evaluate customer success innovations um and expand their team of 76 so um you know we can expect to see a growth across all areas of the company and especially with a lot of their big new contracts they've signed um this seems quite warranted and necessary so amori um you know really kind of focused on their motivation for the set funding round and said there was two main drivers there is a robust collaboration history with the department of defense and the surging demand for ai driven analysis in the enterprise sector and this is kind of due to these massively growing data size and intricate and essentially intricacy that companies and corporations and entities are experienced right now.

7:52So I think with this fresh kind of infusion of cash, the goal is pretty clear. They're going to be accelerating their roadmap. They're going to incorporate more AI, particularly generative AI into their platform, and then they're going to scale their business to meet some of the evolving market needs. I think this is a really interesting company to follow, especially, you know, a lot of people are like, well, there's a lot of business intelligence companies. This is interesting, right? This is not a new startup. They're, you know, integrated with the Department of Defense. And I think we're going to see some big moves from them in the future.