Decooda plans to kick off USD 25m Series B in fall
DECOODA PLANS TO KICK OFF USD 25M SERIES B IN FALL
Decooda, the Atlanta, Georgia-based AI company, plans to kick off a USD 25m Series B in the fall, CEO David Johnson said.
The company originally planned to focus on the retail industry, helping companies understand consumer buying decisions.
It, however, was approached by a hedge fund and asked to analyze company data, and now its work in the financial sector accounts for 80% of its revenue, Johnson said.
He declined to provide specific revenue figures.
Much of its financial work involves wading through conference call recordings, analysts reports and indications of market sentiment to flag up shifts in performance and outlook at the earliest possible opportunity.
Decooda is also using that approach in working with call centers, finding the highest value customers quickly and fast tracking the solutions and answers they are looking for.
“It’s impossible to place enough emphasis on the ability to identify quality signals early on - it’s refined data not data that’s crucial for AI,” Johnson said.
The company develops its own technology and avoids Python and C++ libraries, Johnson said.
Decooda plans to double the number of employees from the current 35 by the end of the year, and have as many as 250 by the end of 2020.
New hires will be moving away from the data and development they have focused on in the past and be equally split between sales and operations, Johnson said.
The company raised an unspecified amount from business software company TechSophy in a Series A two years ago.