Anodot provides a data analysis and business intelligence system that is built to automatically detect anomalies, leading to valuable business insights. Anodot’s algorithms process significant amounts of data and business metrics, becoming familiar with patterns and sending alerts when unusual outliers are found. By using big data and automatic learning algorithms to analyze business data, Anodot can help quickly find issues such as accidentally low prices on an e-commerce website, allowing businesses to minimize harm and quickly respond. Anodot’s technology is relevant for various data-centric fields, including web-based businesses, digital advertising, and IoT.
Business & Marketing Strategy: Anodot exited stealth in December 2015, at the same time they announced the Series A investment round that brought the company funding to $4.5M. At the time, Anodot said the funds would be used to accelerate the product roadmap and expand their sales activity in the US and EMEA. Within the first nine months following the launch, Anodot attracted dozens of customers, including several Fortune 500 companies. This enabled the company to be chosen as one of Gartner Cool Vendors in Analytics 2016, as well as securing $8M in a Series B round supported by existing investors as well as Aleph Venture Capital. Anodot will use these new funds to expand their global sales and operations to meet demand for their service. According to the companyӳ LinkedIn account, R&D is currently the biggest department with 37% of the workforce, followed by Sales (23%), Business Development (13%), and Marketing (7%).
Competitive Position: The business intelligence and analytics market is highly crowded, with numerous companies entering the industry in the recent years due to the shift towards modern BI tools. One of Anodot most direct competitors is ThoughtSpot, a US-based BI platform founded in 2012 that was also selected as one of Gartner Cool Vendor in Analytics 2016. ThoughtSpot seems to be in a later development stage than Anodot, having raised $90.7M in four funding rounds (A-C) and listing 148 employees on their LinkedIn page. Customers of ThoughtSpot include several Fortune 100 and 500 organizations, as well as renowned companies such as Bed Bath & Beyond, Scotiabank, and Sterling National Bank. Other similar companies include Loom Systems, Sisense, GoodData, Birst, and Pentaho.
Market Forecast & Exit Indicators: According to Gartner, the shift to modern business analytics has now reached a tipping point where businesses must transition to fast and agile modern BI platforms to create business value from deeper insights into diverse data sources. The company forecasts that the global revenue in the BI and analytics market will reach $16.9B in 2019, an increase of 5.2% from 2015. A Markets and Markets report states that the market is expected to grow from $13.9B in 2013 to $20.8B by 2018 at an estimated CAGR of 8.3%, and is expected to reach $26.79B by 2020.
Professional & Customer Reviews: There are no available reviews of Anodot. However, the company solution is backed by the numerous globally renowned companies on its customer base, including Microsoft, Credit Karma, AOL, Wix, Etoro, and innerActive among others. Also, being named Gartner Vendor of the Year at such an early age is a major validation of the company technology and potential.
Opportunity: Traditional business intelligence solutions have already been proven to be insufficient with several incidents that could have been easily prevented by real-time analytics and anomaly detection systems like Anodot. In 2015, two major airlines corporations, American Airlines, and United Airlines, experienced a glitch in their online booking systems that resulted in discounts up to 90%. While Anodot could have alerted of this malfunction in real-time, both airline companies saw how several thousands of customers took advantage of the glitch until the company finally caught it. This issue resulted in huge losses for American Airlines, who decided to honor the deals for the tickets sold and also caused an important backlash (and the consequent losses) for United Airlines, who canceled all reservations.