Israeli external data platform Explorium closed a $75 million Series C funding round led by global venture capital and private equity firm Insight Partners, the company announced on Tuesday. Existing investors who participated in the round include Zeev Ventures, Emerge, F2 Capital, 01 Advisors, Dynamic Loop Capital, Vintage and FRV (Fort Ross Ventures.)
Founded in 2017, Explorium developed a platform that analyzes data models, searches its wide collection of thousands of external data signals, and discovers the most relevant signals to improve analytics and machine learning. Data scientists and business analysts can quickly enrich their predictive models with external data, benchmark the boost in performance and deploy the models with just a few keystrokes, with the assurance that all data is compliant with current regulations, the company says.
The round brings Explorium’s total investment to more than $127 million, as George Mathew, managing director at Insight Partners and former President and COO of Alteryx, joins Explorium’s Board of Directors.
Explorium’s latest capital injection eight months after a $31 million Series B in late July, comes on the heels of a year that “revealed the limitations — and perils — of predictive models based entirely on internal data, as well as the challenges of obtaining impactful and reliable data from outside a company’s four walls,” the company said in its announcement.
Explorium said it doubled its customer base and more than quadrupled revenue since the start of the pandemic with companies like BlueVine, GlassesUSA.com, Melio and PepsiCo using Explorium to enhance AI models for use cases including lead scoring, and identifying default risk and fraud.
“Machine learning is key to our competitive strategy, and external data is what powers it,” said Elad Zoldan, head of data at Melio, an Israeli fintech startup that developed a digital payment platform focused on US small and medium businesses. “Before we started using Explorium, we had to search for data source by source and strike separate deals with different providers. It wasn’t a scalable or flexible solution. With Explorium, we have a universe of external data at our fingertips, and an incredibly efficient way to figure out what data will make the biggest impact.”
Explorium recently released Signal Studio, a new product that enables data and business analyst teams to quickly find and integrate the most relevant external data signals to their analytics pipelines.
“We’re seeing data become the new differentiator,” said George Mathew, managing director at Insight Partners. “AI and machine learning are already table stakes. Everyone has them. Competitive advantage will depend not just on the quality of your models but on the diversity of data fueling those models, making Explorium a unique proposition for data scientists and analysts alike.”
“As we saw last year, machine learning models and tools for advanced analytics are only as good as the data behind them. And often that data is not sufficient,” said Maor Shlomo, CEO at Explorium. “We’re addressing a business-critical need, guiding data scientists and business leaders to the signals that will help them make better predictions and achieve better business outcomes.”