Outlier Raises $22.1M in Series B Funding to Oust Business Intelligence Dashboards
OAKLAND, Calif., Jan. 22, 2020 — The adoption of AI-based and augmented analysis tools is on every business priority list in 2020. To maximize on the market opportunity, Outlier announced the close of its $22.1M Series B round of funding led by Emergence, with participation from existing investors Ridge Ventures, Capital One Growth Ventures, 11.2 Capital, First Round Capital, Homebrew, Susa Ventures and SV Angel.
Over the last 12 months, Outlier, who uses automated business analysis to help businesses uncover insights in unexpected data behavior, has grown more than 400%. With rising customer demand and increasing market opportunities, the company plans to use the funding to accelerate growth and make strategic hires across its Oakland, CA headquarters and Virginia Beach, VA, and European offices.
Transforming Business Decision-Making
Outlier discovers unexpected changes, patterns and potential root causes in data automatically, guiding teams toward the most relevant and critical changes across an organization on a daily basis. Identifying potential root causes enables managers and teams to act quickly to make adjustments.
Outlier’s automated business analysis (ABA) platform offers proactive, actionable insights based on large volumes of data without requiring any configuration or set-up. Automated business analysis goes beyond traditional dashboard visualization, data aggregation, storage and reporting. This revolutionary platform can be deployed in minutes, which has fueled extraordinary adoption across leading enterprise brands. In comparison, business intelligence or search-driven tools can take months before customers realize value.
“Today’s businesses are wrestling with increasing volumes of data and an inability to analyze all of it to glean powerful insights. Outlier enables business leaders across various functions to make smart decisions quickly by providing the most important 4-5 insights daily,” said Sean Byrnes, CEO and co-founder of Outlier. “We appreciate the support of our investors who understand the importance and value of automated business analysis. We’ve experienced immense growth in recent years and this investment allows us to continue our momentum through product development and go-to-market advancements.”
“As the leader in automated business analysis, Outlier’s AI-driven platform is transforming the way business leaders make quick decisions using data and insights. We rarely see companies with such high rates of customer adoption, high customer satisfaction and a high velocity of innovation,” said Joe Floyd, general partner at Emergence. “We are impressed by Outlier’s commitment to delivering value to its growing list of customers, and we are pleased to lead the company’s Series B financing to accelerate its expansion as a coaching network. Outlier is well on its way to eliminating the dashboard.” As part of the round, Joe Floyd will be joining the Outlier Board of Directors.
Rapid Customer Growth and Expanding Team
“Outlier has improved the way we use our data. Celebrity Cruises has more than 30,000 partners, 30 cabin types and over 1,000 cruises on sale at any given time,” said Matt Maule, vice president of business intelligence, Celebrity Cruises. “Quickly analyzing all that data and the various combinations of data would be impossible without Outlier. It helps us understand without bias or a hypothesis what we should focus on and what we shouldn’t be concerned over.”
Outlier has experienced steady growth since launching in 2017 as more businesses recognize the limitations of traditional business intelligence tools.
In 2019, Outlier’s ABA platform analyzed more than four billion metrics and helped its customers uncover relevant insights, often hidden in the volumes of data. While the company recognizes opportunities for ABA across numerous industries, it is strongly positioned for growth within consumer-packaged goods, e-commerce, retail, hospitality, life sciences and financial services.
In the “Augmented Analytics Is the Future of Analytics” report, Gartner predicts that “by 2021, augmented analytics will be a dominant driver of new purchases of analytics and BI as well as data science and machine learning platforms, and of embedded analytics.”*
*Gartner “Augmented Analytics Is the Future of Analytics,” Rita Sallam, Carlie Idoine, 30 October 2019
Outlier, based in sunny Oakland, California, helps global consumer, financial services and life sciences organizations identify unexpected behavioral changes within their critical business data. The Outlier automated business analysis platform uncovers unexpected patterns and relationships using advanced artificial intelligence and machine learning algorithms. Organizations can integrate Outlier with existing sources of data within minutes, allowing leaders to gather business insights quickly, identify potential opportunities and address any unexpected data behaviors.