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Big Data’s Predixion Raises $20 Million C Round

Accenture led the financing and has entered into an agreement to co-develop new advanced analytics solutions for its clients

Predixion Software, a developer of collaborative predictive analytics solutions, has raised $20 million in Series C financing.

The money is coming from two new strategic investors, Accenture and GE Ventures, as well as current investors DFJ Frontier, EMC, Miramar Venture Partners and Palomar Ventures along with new investor Frost Venture Partners.

Accenture led the financing and has entered into an agreement to co-develop new advanced analytics solutions for its clients using Predixion.

These solutions are supposed to reduce the time and cost of decision-making by extending the use of predictive analytics applications to managers in a range of business functions, allowing them to apply data-driven insights directly to their operational workflows.

The new infusion brings the company's total financing since June of 2010 to $31.8 million.

Sajid Usman, global managing director for technology at Accenture Analytics, said, "The end-to-end capabilities we're building will make it more cost-effective for our clients to turn data into insights, actions and ultimately business outcomes. Our investment in Predixion is part of our ongoing strategy of bringing capabilities to our clients that cover the full analytics value chain and help them move forward on their analytics journey to ROI."

Predixion provides collaborative predictive analytics solutions for customers across industries such as healthcare, life sciences, financial services, marketing, government, manufacturing and e-commerce.

Its software is supposed to eliminate the complexity of predictive analytics so non-technical professionals on the front line of business can anticipate customer needs, reduce costs and accelerate operational efficiency. For example, a healthcare administrator is supposed to be able to predict which patients are likely to be readmitted, a bank manager anticipate when a valuable customer is likely to switch banks, or a marketing manager use predictive targeting to improve campaign response rates.

The company says it started the year with six new strategic customers, revenue growth of over 800%, on average, for 2011 and 2012 as well as closing 1Q13 with revenue that exceeded all of 2012 revenue by 30%.

Predixion CEO Simon Arkell figures "bringing on world-class investors like Accenture and GE validates the massive opportunity for nimble predictive analytics technologies. Partnering with such an experienced group of strategics will help us accelerate growth and scale globally as we continue our mission to drive adoption of predictive analytics into every industry."

GE said its customers are collecting unprecedented amounts of data, due to a growing number of intelligent business systems and sensor-equipped machines. It plans to launch many next-generation industrial Internet services that leverage that data and its context and believes that Predixion will broaden the spectrum of creators and consumers of Big Data predictive analytics.

Predixion intends to use the new round to accelerate product development and scale its sales and marketing organizations to support current and anticipated demand and growth in the number of its products.

It is focused on developing portable predictive applications via its patent pending Machine Learning Semantic Model (MLSM) and so-called "last mile" analytics.

Predixion says it has nearly 200 companies using Predixion Enterprise Insight in 53 countries.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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