NEW YORK, United States and TEL AVIV, Israel, April 12, 2022 /PRNewswire/ - Noogata, a global leader in no-code artificial intelligence (AI), announced today that it has closed $16 million in Series A funding led by Eight Roads, the global venture capital firm, with participation from Allon Ventures. The latest investment will help Noogata fuel rapid growth and accelerate its vision to enable any business user to make data-driven decisions leveraging AI. To date, this brings the company's total funding to $28 million, with the seed investment made by Team8 and Inference Partners.
The new capital will be used to support Noogata's expansion goals in the United States and research and development (R&D) operations in Israel. Over the next year, the company will also grow its sales, marketing, and product development teams to continue to bring its platform to the next level. This includes extending integrations with a growing list of datasets from Amazon, direct to consumer, and Google to the platform, as well as expanding the range of solutions (AI blocks) that Noogata offers. Noogata will also establish partnerships with large data warehouses, including Snowflake.
Today, brands including Colgate Palmolive, PepsiCo, mDesign, and Bugatti use Noogata's platform to derive data-driven insights to improve decision-making, operations, efficiency, and profitability. This has been especially important for marketing, sales, and ecommerce executives to identify untapped growth opportunities to drive sales. As enterprises leverage a growing number of platforms across different business functions, Noogata enables professionals to integrate billions of data points from multiple sources to make timely and critical data-driven decisions.
"Since launching the Noogata platform in March 2021, we have consistently demonstrated strong market fit, have seen 400% growth in annual recurring revenue (ARR), and have been growing our customer base rapidly – from Fortune 500 enterprises 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 sectors – empowering any business user in any organization to leverage easy-to-understand and actionable data to answer their specific business questions."
Applying and scaling AI is essential for long-term business success. However, doing so effectively can be complex, time-consuming, and expensive. A key differentiator of Noogata's accessible, no-code platform is the use of AI blocks – an end-to-end, plug-and-play data solution that provides insights for specific use cases. 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 data preparation, enrichment, and modeling to output generation.
"AI is one of the most powerful technologies set to reshape the business landscape in the coming years," said Eyal Rabinovich, Venture Capital investor at Eight Roads. "AI has had a profound impact on many industries, but to date it has mostly been relegated to R&D and more technical functions within companies, leaving other valuable business units underserved. Noogata's first-of-its-kind platform allows any business user quick and easy access to the exact insights that they need for informed decision-making. With Noogata, users can leverage AI with just a click of a button, resulting in impressive growth for market leaders and lightning traction in supporting the scaling of AI for many organizations."
With currently over 40 employees in Tel Aviv and New York City, Noogata will be hiring for a variety of roles this year, including leadership roles in engineering, finance, sales, and customer success – aiming to have over 100 employees by the end of 2022.
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