DataChat Closes $25M Series A Round to Continue Democratizing Data Analytics
MADISON, Wis., Sept. 7, 2021 — DataChat, Inc., a software company that’s revolutionizing data analytics, today announced the closing of a $25 million Series A funding round led by Redline Capital and Anthos Capital. Celesta Capital (formerly WRVI Capital) and Nepenthe Capital, which led the previous $4 million seed funding round, also participated.
DataChat addresses a key problem for businesses: Collecting data is easy, but making data-driven decisions is hard, especially for business users who need to act quickly to emerging trends in their data.
“Business data analytics is largely stuck in decades old processes driven by traditional business intelligence tools,” Tatiana Evtushenkova, a partner at Redline Capital, said, “Jignesh and his team have a radically different approach to democratize analytics using a novel conversational paradigm, and they have a compelling vision to dramatically transform the existing analytics ecosystem. We are delighted to have led this round.”
The key challenge for business today is how to empower their business users to self-serve complex data analytics. Today, for ad hoc analytics, these users either rely on prepared dashboards or spreadsheets to answer complex analytics questions. The power to create new, sophisticated analytics workflows using advanced methods like machine learning is simply out of the reach for these business users. DataChat empowers these users to self-serve data science by simply chatting with their all-in-one platform using controlled natural language.
“We were struck by the sheer simplicity of the solution that DataChat has built, abstracting away complex machine learning and collaboration machinery that is needed to realize the full potential in enterprise data,” noted Bryan Kelly, co-founder at Anthos Capital, “We were also impressed by the stellar DataChat team that combines world-class technology creation with a deep customer-empathic approach in everything that they do.”
DataChat describes its approach as “AI + BI = CI,” which succinctly captures their philosophy of driving analytics to the next level using their novel Conversational Intelligence (CI) approach that uses artificial intelligence (AI) to take business intelligence (BI) to the next level.
“The seed round allowed us to bring the initial product vision to market and to release it to a limited set of customers,” said DataChat CEO and co-founder Jignesh Patel, “The reception has been a huge success, and the Series A round will allow us to accelerate execution of both our product roadmap and our customer growth strategy.”
DataChat was started as a spin-out from the University of Wisconsin and continues to maintain its headquarters in Madison. DataChat also continues to receive funding from America’s Seed Fund and the Wisconsin Alumni Research Foundation (WARF), UW-Madison’s nonprofit patent and licensing organization.