Pecan Raises $66M Series C to Advance Its Predictive Analytics Platform
Pecan, a predictive analytics startup, announced Wednesday that it raised a $66 million Series C round to scale its global reach and accelerate the research and development of its platform.
With a presence in NYC, Boston, Silicon Valley and Israel, Pecan provides companies within the fintech, retail and mobile apps sectors with low-code data analytics that help predict performance indicators. Pecan’s AI data analytics can help companies improve customer lifetime value, retention, conversion rates, demand forecasting and other revenue-driving KPIs. Essentially, Pecan’s technology makes data presentation easier for users to make company-wide decisions.
“This new funding will help us scale Pecan further to overcome the data science scarcity gap, enabling our customers to move beyond outdated data-mining techniques,” Zohar Bronfman, CEO and co-founder of Pecan, said in a release.
The market for this form of analytics is growing. According to a study by FinancesOnline, 52 percent of businesses worldwide use predictive analytics similar to what Pecan offers to leverage decision-making.
Within the last year, Pecan reported that it tripled its recurring revenue. The company’s revenue growth “demonstrates the market’s appetite for low-code AI solutions that enable [the] analysis of massive amounts of business and customer data in the goals of improving profitability and revenue growth,” a Pecan spokesperson told Built In via email.
This growth has also led to multiple funding rounds within the last 12 months, including a $35 million Series B raised last May. Founded in 2018, Pecan has raised $117.5 million in funding to date.
Pecan started 2021 with 30 full-time employees and now has roughly 90. The company expects to double its headcount over the next 12 months and currently lists over 20 open roles on its career site varying from IT and web development to data engineers, UX designers and more.
“Every single department is scaling and all of these roles are equally important,” the spokesperson said.
Most of these roles are remote-friendly as the startup seeks to expand its footprint in Israel, the U.S. and “everywhere in between,” Bronfman wrote in a company blog post.
New-York based investment firm Insight Partners co-led the Series C round with GV (formerly known as Google Ventures). Other participants include S-Capital, GGV Capital, Dell Technologies Capital, Mindset Ventures and Vintage Investment Partners.