BeyondCore said Wednesday that it has closed $9 million in Series A funding. Menlo Ventures led the round. Based in San Mateo, Calif., BeyondCore is a provider of automated analytics solutions.
SAN MATEO, CA — (Marketwired) — 02/19/14 — Automated analytics software pioneer BeyondCore has raised $9 million in a Series A round led by Menlo Ventures. Traditional analytics involve tradeoffs between power and simplicity. BeyondCore makes powerful analytics simple and fast. With BeyondCore’s One-Click Analysis, any business user can conduct sophisticated statistical analysis without the assistance of a data scientist or analyst. Additionally, BeyondCore’s Animated Briefingwalks business users through the key insights in their data as a human analyst would. In less than a year since its general release, BeyondCore’s Automated Analytics software has been evaluated and used by 17 Fortune 100 firms.
Analytics is essential to every business user, yet today it is relegated to a small group of elite data scientists. Menlo’s funding will help BeyondCore realize its vision of empowering every business user to leverage advanced analytics.
John Jarve, Managing Director at Menlo Ventures, said, “BeyondCore uniquely brings advanced analytics to the business user. Early customers have quickly gained remarkable insights from their data, and are incorporating BeyondCore as a key component of their data analysis suite.”
There is a fundamental difference between merely answering questions users ask, and automatically discovering questions with useful answers that users may not have thought to ask. BeyondCore identifies the best questions to ask of the data by automatically testing, ranking, and presenting the most useful patterns a dataset has to offer. Sears, an early customer, confirmed “BeyondCore showed us previously unknown insights within minutes” (learn more at beyondcore.com/WhySearsChoseBeyondCore.pdf).
In an hour, with traditional tools, humans can only explore dozens out of the millions of potential patterns hidden in their data. In minutes, BeyondCore explores millions of possibilities, conducts rigorous statistical tests, and presents the most important actionable insights. McKinsey used BeyondCore to understand the drivers of healthcare cost increases by analyzing 30 million patient records across a million variable combinations, all with a single click (see more at youtu.be/UtRpC4er2CQ).
Arijit Sengupta, BeyondCore’s CEO, added, “Traditional analysis software forces you to play 20 questions, or more likely 20,000 questions, with the computer. We taught our software to answer open-ended questions like a human analyst would.”
BeyondCore has been used by 17 of the Fortune 100, holds 9 patents, was selected a Gartner Cool Vendor, and was recently featured in The Economist, USA Today, Fox 4 News, and Harvard Business Review. For more information, visit www.beyondcore.com.
About Menlo Ventures
Menlo Ventures provides capital for seed through growth technology companies in the consumer and enterprise sectors. For decades, the firm’s market-driven research analysis has led to the identification of and successful exits in innovative technology markets. Founded in 1976, Menlo’s portfolio includes 70 public companies and more than 100 mergers and acquisitions. Throughout the firm’s history, Menlo’s deep network of portfolio entrepreneurs, angels and advisors are a key resource made available to all of our family of investments. Menlo Ventures has $4 billion under management and is currently investing Menlo Ventures XI, a $400 million fund with $20 million allocated to our Menlo Talent Fund for fast seed funding. For more information, visit www.menlovc.com.