Outlier, an automated business analysis platform, closed a $22.1 million Series B funding round led by Emergence, with participation from existing investors Ridge Ventures, Capital One Growth Ventures, 11.2 Capital, First Round Capital, Homebrew, Susa Ventures, and SV Angel.
The Outlier platform helps global consumers, financial services, and life sciences organizations identify unexpected behavioral changes within their critical business data using advanced artificial intelligence and machine learning algorithms. Identifying potential root causes enables managers and teams to act quickly to make adjustments.
“Today’s businesses are wrestling with increasing volumes of data and an inability to analyze all of it to glean powerful insights. Outlier enables business leaders across various functions to make smart decisions quickly by providing the most important 4-5 insights daily,” said Sean Byrnes, CEO and co-founder of Outlier.
“We’ve experienced immense growth in recent years and this investment allows us to continue our momentum through product development and go-to-market advancements.”
In 2019, Outlier’s automated business analysis (ABA) platform analyzed more than four billion metrics and helped its customers uncover relevant insights, often hidden in the volumes of data. The platform is used by various industries, including consumer-packaged goods, e-commerce, retail, hospitality, life sciences, and financial services.
“As the leader in automated business analysis, Outlier’s AI-driven platform is transforming the way business leaders make quick decisions using data and insights. We rarely see companies with such high rates of customer adoption, high customer satisfaction and a high velocity of innovation,” said Joe Floyd, general partner at Emergence.
As part of the funding round, Joe Floyd will be joining the Outlier Board of Directors.
In the “Augmented Analytics Is the Future of Analytics” report, Gartner predicts that “by 2021, augmented analytics will be a dominant driver of new purchases of analytics and BI as well as data science and machine learning platforms, and embedded analytics.”