AI analytics startup Nugit receives S$7.1m from Sequoia Capital
October 6, 2016, Singapore – Singapore-based startup Nugit today announced a USD $5.2m (S$7.1m) funding round from Sequoia India. By combining artificial intelligence, natural language generation, and visual design, Nugit transforms data into decision-ready reports that integrate seamlessly into marketers’ workflows.
A Tigris Capital portfolio company since 2015, Nugit currently manages over 146,000 connected ad accounts for over 500 brands in 34 countries. Their technology is highly scalable for enterprises, with their single largest account using 8500 different accounts from platforms such as Google, Adobe Analytics, Facebook, Doubleclick.
Digital marketing is predicted to grow to a USD $185.4b industry by 2017 (Global Entertainment & Media Outlook Report, PwC). With this growth comes a deluge of marketing data and a growing demand for data analysis. A typical analyst spends 50 to 80% of her time extracting, cleaning and combining data before any analysis can be made. Existing solutions are not addressing these issues at scale.
“Many of the legacy systems that are being used to manage marketing data are slow, over-priced and take months to implement. We believe analytics can be much leaner and more intelligent, by leveraging technologies such as AI and Machine Learning. Sequoia India’s investment will help us accelerate our R&D and push the boundaries in these areas.” says David Sanderson, Founder and CEO of Nugit.
Nugit’s AI technology powers data cleaning, integration and harmonisation of data sources in real time. Their Natural Language Generation technology adds on insights written in easy to understand language and ‘decision-ready’ reports are then delivered via email or powerpoint. The reports are built around ‘smart stories’ and beautiful visualizations that make for significantly better quality reports in a much shorter time.
Pieter Kemps, Investment Advisor at Sequoia adds, “We were thrilled to see the world-class engineering team and the fast adoption from enterprises, publishers and agencies. It has been impressive to see the intelligence of the Nugit platform, and how it offers enhanced efficiency and clarity to marketers. Nugit is part of a trend where global SaaS businesses are being built from Asia.”
Covering the fundraise, US tech blog TechCrunch said that “In today’s era of big data, there’s a need for organization and efficiency”. David Sanderson told CNBC’s that “Artificial intelligence used in data analytics will help to ensure that ads are better targeted”.
About Nugit Pte Ltd
Nugit was founded in 2013 to help marketers make smarter decisions. They believe that decisions based on data are better. Nugit combines artificial intelligence, natural language generation and beautiful visualisations that transform data into decision-ready reports which flow straight back into a company’s workflow.
Nugit is headquartered in Singapore and currently hires a team of 27 data scientists, engineers, designers and strategists. Its clients include Facebook Inc, Johnson & Johnson, Digi, GroupM, Starcom and Publicis. The company is actively hiring and looking out for the best and brightest in the industry. For more info, please visit https://nugit.co