The data analytics company, DataChat, Inc – announced that it closed a $25 million Series A funding led by Redline Capital and Anthos Capital. A previous funding round of $4 million led by Celesta Capital (formerly WRVI Capital) and Nepthene Capital also participated.
DataChat CEO and co-founder Jignesh Patel, said, “The seed round allowed us to bring the initial product vision to market and to release it to a limited set of customers. The reception has been a huge success, and the Series A round will allow us to accelerate the execution of both our product roadmap and our customer growth strategy.”
A key problem faced by businesses is that data collection is not difficult, but decisions based on data are hard, especially for those in the business world who must act quickly on new trends in their data.
Tatiana Evtushenkova, a partner at Redline Capital, said, “Business data analytics is largely stuck in decades-old processes driven by traditional business intelligence tools. 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.”
As businesses today face an increasingly complex data landscape, empowering their business users to self-service complex data analytics is a challenge. These users use spreadsheets or dashboards to answer complex analytics questions today for ad hoc analytics. Advanced methods like machine learning, which can be used to create new, sophisticated analytics workflows, are simply out of reach for these users. DataChat enables users to perform self-serve data science by chatting with their all-in-one platform using controlled natural language.