Israeli AI machine learning startup Noogataraised $16 million in Series A funding last week to accelerate the company’s U.S. expansion and R&D investments in Israel, the company said in a statement. announcement.
The round comes nearly a year after the company raised $12 million in seed funding in a round led by Tel Aviv-based venture capital group Team8.
The round was led by venture capital firm Eight Roads, with input from Allon Ventures. This brings Noogata’s total funding to $28 million, building on seed investment funding provided by Team8 and Insight Partners.
The latest capital will be used to rapidly grow the company’s sales, marketing, and product development teams to grow its no-code AI analytics platform for businesses. This includes extending integrations with datasets from Amazon, direct-to-consumer, Google, and potentially others to the platform. Noogata will also begin cultivating partnerships with large data warehouses, such as Snowflake.
Noogata also aims to expand its suite of solutions in the form of AI Blocks — an end-to-end, plug-and-play data solution that provides insights for specific use cases, the company said. An AI block contains everything a user needs to take their data and turn it into actionable insights to help solve a given business problem, from preparing, enriching and modeling data to generating results.
Founded in 2019, Noogata enables companies to easily integrate AI at scale into key business processes that improve decision-making, operations, efficiency and profitability for enterprise brands. Noogata’s platform integrates and compiles billions of data points from multiple sources that can inform the best data-driven decisions for businesses in a timely manner. Noogata’s customer brands include Colgate Palmolive, PepsiCo, mDesign and Bugatti.
“Since launching the Noogata platform in March 2021, we have consistently demonstrated strong market fit, achieved 400% growth in Annual Recurring Revenue (ARR), and rapidly expanded our customer base – from Fortune 500 companies to smaller consumer brands,” said Assaf Egozi, CEO and co-founder of Noogata. “The new investment will allow us to accelerate the expansion of our platform to new use cases and industries – enabling any business user in any organization to leverage easy-to-understand, actionable data to meet to their specific business issues.”
Noogata has more than 40 employees between its Tel Aviv and New York offices and will hire more staff for leadership positions in engineering, finance, sales and customer success, aiming to secure 100 employees by the end of the year.