Virtualitics Secures $37 Million in Series C Funding to Advance AI and Data
Credit image: Virtualitics
Exploration
Virtualitics, Inc., a frontrunner in the fields of artificial intelligence (AI) and data exploration, has closed a $37 million Series C funding round. This investment, led by Smith Point Capital, LLC, with participation from Citi and others, is aimed at accelerating Virtualitics' growth in strategic enterprise markets.
Virtualitics: Pioneering Intelligent Exploration
With its groundbreaking Intelligent Exploration platform, Virtualitics offers advanced AI technology that empowers users to query in natural language, explore intricate datasets, discover essential insights, and produce multi-dimensional network graph visualizations. Its patented VR/AR capabilities enable real-time collaboration among multiple users across different locations.
Robust Growth and Customer Acquisition
The fresh investment comes at a time of rapid expansion for Virtualitics, with significant development in both public sector and key commercial segments. The past year witnessed Virtualitics acquiring seven new customers in the Department of Defense and increasing acquisitions in Financial Services and Consumer Packaged Goods markets.
Strategic Partnership and Patented Technology
Virtualitics has recently partnered with Data cloud company Snowflake, allowing their joint customers to leverage AI in exploring hidden connections in data. The firm has also achieved two notable patent updates, enhancing their portfolio to five patents. These focus on innovative visualizations and redefine the way data is perceived and analyzed.
Awards and Honors
Among its accolades, Virtualitics was named to Fast Company’s World’s Most Innovative Companies list for 2023, received a 2023 Artificial Intelligence Excellence Award, and featured in Gartner’s 2022 Cool Vendor in Analytics and Data Science report.
What Leaders Are Saying
Virtualitics' CEO Michael Amori emphasizes the importance of Smith Point's operational expertise, stating that it will be "invaluable as we accelerate growth and innovation." Keith Block, CEO and co-founder of Smith Point Capital, praises Virtualitics for enhancing data leveraging and expresses enthusiasm in supporting Virtualitics' growth.
Key Takeaways:
Innovative Technology: Virtualitics' Intelligent Exploration platform is transforming AI and data exploration, offering novel methods for complex dataset analysis.
Strategic Growth: The $37 million investment aims to fuel Virtualitics' expansion in enterprise markets, with significant growth in public and commercial sectors.
Awards and Patents: Virtualitics' innovation has been recognized through various awards and patents, cementing their leadership in AI and data visualization.
Future Plans: The new funding will enable further growth, innovation, and enhancement of AI platform leadership, including investments in machine learning and data analytics capabilities.
Virtualitics' latest funding round illustrates the company's commitment to shaping the field of artificial intelligence and data exploration. By focusing on growth, innovation, and customer-centered solutions, Virtualitics is positioning itself as a leading force in a rapidly evolving industry. Its dedication to solving complex, mission-critical problems through cutting-edge technology continues to draw attention and investment, marking a promising direction for the company's future. Source