HomeFundingAVORA raises €5.7 million to disrupt business analytics with augmented intelligence

AVORA raises €5.7 million to disrupt business analytics with augmented intelligence

London-based AVORA is an enterprise analytics platform, which uses the power of machine learning and augmented intelligence to enable a new way of working with data. AVORA’s algorithms unveil insights and intelligence to businesses in seconds that may otherwise take days or even months.

Founded in 2014, the startup has just raised €5.7 million in a Series A funding round led by Albion VC and existing investor Crane. Previously, AVORA raised €1.7 million in 2017.

Unlike other analytics platforms, AVORA’s Smart Alerts feature proactively looks for and flags data anomalies in real-time, allowing businesses to spend their time making more effective decisions using trusted insights, with immediate results. Spotting an anomaly is only is the first step; AVORA also allows businesses to understand why something has happened through its Root Cause Analysis, so users can act on those insights instantly.

AVORA has already built an impressive client base, including Telefonica, OMD, NPR, HBO LatAm and Ocado. The startup will use the funds to expand its leadership and sales teams, launch in the US market, and continue to develop its technology by enhancing its in-platform machine learning algorithms. The financing will also pave the way for the development of an app marketplace to enable customers to build their own solutions on top of its platform.

The business intelligence market is projected to grow 8.2% a year between 2016 and 2021 to a value of $27.6 billion. Growth will be highest for modern business intelligence platforms, which are expected to grow from 16% of the 2016 market to 29% of the 2021 market, worth a total $8 billion. This presents a significant growth opportunity for AVORA and its new investors.

Ricky Thomas, founder and CEO of AVORA, said: “Real-time, comprehensive data analysis is vital for organisations. But, legacy solutions are characterised by complex and laborious IT-led deployments across multiple systems. This is slow, clunky and expensive. That’s why so many companies are ditching BI tools altogether – they just don’t work. I started this business out of that very frustration.

“Our technology harnesses machine learning and augmented intelligence to revolutionise this problem, replacing fragmented legacy infrastructure with an end-to-end, continuous system of insights that is both faster to deploy and more flexible to use.”

Ed Lascelles, Partner at Albion VC, said: “Businesses have been let down by intelligence tools at a time when data-driven strategic analysis is more important than ever. AVORA’s full stack system of intelligence is already transforming the operations of its clients. We are thrilled to support Ricky and the team and look forward to helping them go from strength to strength.”

Mary Loritz
Mary Loritz
Mary served as Head of Content at EU-Startups.com from November 2018 until November 2019. She is an experienced journalist and researcher covering tech and business topics.

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