Virtualitics: Data visualization startup takes off
A substantial sum of $37 million has been successfully secured by Virtualitics, a prominent data visualization startup, during its recent Series C funding round. Spearheaded by Smith Point Capital, with contributions from Citi and advisory clients of The Hillman Company, this funding infusion is set to empower Virtualitics in expanding partnerships, enhancing customer success initiatives, and bolstering its workforce. With a total accumulation of $67 million, Virtualitics is well-positioned for an extensive expansion of its advanced platform, characterized by the incorporation of 3D visualizations, AI, and knowledge graphs to derive actionable insights from expansive datasets.
While we exist in an era defined by data, numerous businesses continue to encounter challenges in efficiently accessing and leveraging their data. Deloitte’s survey in 2019 revealed that 67% of executives harbored concerns about utilizing company data. In parallel, despite substantial investments in AI and business analytics tools, a mere 36% of businesses identified themselves as data-driven, as disclosed by a survey by NewVantage Partners. These outcomes underscore the significance of sophisticated data exploration tools that transcend conventional dashboards.
The collaboration between Caltech and NASA’s Jet Propulsion Laboratory in 2016 led to the creation of virtualitics. The foundation for this innovative concept was laid when Michael Amori, Virtualitics’ co-founder, crossed paths with Caltech astronomy professor George Djorgovski and computational staff scientist Ciro Donalek via the institute’s Center for Data-Driven Discovery. Virtualitics’ emphasis on spatial visualizations was rooted in Donalek’s expertise in artificial intelligence and big data analysis, coupled with Djorgovski’s work in developing virtual teamwork environments.
Virtualitics distinguishes itself from competing business intelligence tools through its pioneering data visualization method. By utilizing 3D visualizations, AI, and knowledge graphs, Virtualitics uncovers insights that remain concealed within intricate data, where traditional tools fall short. Beyond standard reporting, the platform generates visually captivating outputs that aid users in comprehending data and extrapolating future trends. The platform’s intuitive interface abolishes the requirement for profound technical knowledge, making data exploration accessible to a broader spectrum of professionals.
The applications of the Virtualitics platform span multiple sectors. In finance, it can be employed to identify patterns of payment and wire fraud, facilitating preventive measures. The marketing industry can leverage the platform to pinpoint new customer demographics and identify optimal promotional channels. Virtualitics equips users with annotations, explanations, and interactive visualizations, enabling data-driven decisions and strategy optimization.
One of the striking features that sets Virtualitics apart is its incorporation of virtual reality (VR) and augmented reality (AR) data visualizations. This integration of VR and AR elevates the data exploration process, immersing users in simulated settings. Unlike conventional visualizations, Virtualitics harnesses both VR and AR to provide a holistic engagement experience.
Virtualitics acknowledges the challenges associated with fostering internal adoption of BI tools within organizations. User adoption management and data quality assurance emerged as major concerns in a 2020 survey on business intelligence. Overcoming these obstacles requires innovative strategies, and Virtualitics’ approach aims to equip users with knowledge for informed decision-making, rather than simply presenting data like other BI tools.
The recent achievements of Virtualitics are manifested in an impressive year-over-year revenue growth of 370%. The company’s collaborations with government agencies, including the Department of Defense, have played a pivotal role in its rapid expansion. Mission-critical programs, such as operational readiness, investment analysis, and intelligence analysis, have been the focal points of Virtualitics’ endeavors since 2017. To further fortify its position in the government sector, Virtualitics has welcomed former U.S. Navy Vice Admiral Timothy White and retired U.S. Army General John Murray to its advisory board.
With the successful culmination of the Series C funding round, Virtualitics is primed for its next phase of expansion. The infusion of more AI and generative AI technology into the platform will accelerate its roadmap. This augmentation aligns with the escalating volume and complexity of business data, meeting the surging demand for AI-driven analysis. The funding will be allocated to areas like partnerships, customer success initiatives, and expanding Virtualitics’ current team of 76 highly skilled professionals.
By revolutionizing data visualization, Virtualitics is forging a new path. The incorporation of 3D visualizations, AI, and knowledge graphs empowers businesses to derive actionable insights from their data. The integration of VR and AR offers a novel dimension to data exploration, enabling professionals from various sectors to make informed decisions. Through its user-friendly approach and ongoing innovation, Virtualitics is poised to reshape the manner in which businesses perceive and utilize data.
See first source: TechCrunch
Frequently Asked Questions
1. What is Virtualitics, and what recent funding milestone has it achieved?
Virtualitics is a notable data visualization startup. It recently secured $37 million in its Series C funding round, led by Smith Point Capital, with contributions from Citi and advisory clients of The Hillman Company.
2. How will the recent funding empower Virtualitics?
The funding will enable Virtualitics to expand partnerships, enhance customer success initiatives, and bolster its workforce. This infusion of funds positions Virtualitics for an extensive expansion of its platform.
3. What is the total funding accumulated by Virtualitics so far?
Virtualitics has accumulated a total funding of $67 million, which will support its efforts to advance its platform and data visualization capabilities.
4. What are the key features of Virtualitics’ advanced platform?
Virtualitics’ advanced platform incorporates 3D visualizations, artificial intelligence (AI), and knowledge graphs to extract actionable insights from expansive datasets.
5. How does Virtualitics address challenges faced by businesses in data utilization?
Despite being in a data-driven era, many businesses struggle with efficiently accessing and leveraging their data. Virtualitics’ platform offers sophisticated data exploration tools that go beyond conventional dashboards, helping businesses unlock the full potential of their data.
6. What is the origin of Virtualitics and its emphasis on spatial visualizations?
Virtualitics was created through a collaboration between Caltech and NASA’s Jet Propulsion Laboratory in 2016. The concept was rooted in the expertise of Michael Amori, Caltech astronomy professor George Djorgovski, and computational staff scientist Ciro Donalek. Their work emphasized spatial visualizations and the integration of artificial intelligence and big data analysis.
7. How does Virtualitics differentiate itself from other business intelligence tools?
Virtualitics stands out with its pioneering data visualization method that utilizes 3D visualizations, AI, and knowledge graphs. It uncovers insights hidden within complex data that traditional tools may miss.
8. What industries can benefit from the applications of Virtualitics’ platform?
Virtualitics’ platform has applications across multiple sectors. For instance, in finance, it can help identify payment and wire fraud patterns. In marketing, it can pinpoint new customer demographics and optimal promotional channels.
9. What unique feature sets Virtualitics apart in the realm of data visualization?
Virtualitics incorporates virtual reality (VR) and augmented reality (AR) data visualizations. This integration elevates the data exploration process by immersing users in simulated settings, offering a holistic engagement experience.
10. How does Virtualitics address challenges related to user adoption of BI tools within organizations?
Virtualitics recognizes challenges with user adoption and data quality in the business intelligence realm. Its approach focuses on equipping users with knowledge for informed decision-making, setting it apart from tools that merely present data.
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