Noogata, an Israeli startup that offers a no-code artificial intelligence (AI) analytic platform, closed a $16 million Series A funding round led by Eight Roads, the global venture capital firm, with participation from Allon Ventures. This round brings the company’s total funding to date to $28 million.
Founded in 2019 by CEO Assaf Egozi and CTO Oren Raboy, Noogata boasts that its modular AI platform gives companies the impact of data science without the burden of development or the limitations of out-of-the-box solutions. Its AI platform is built for business users who need to turn their data into actionable insights quickly and easily to drive opportunities, growth, and profit. Noogata delivers the benefits of best-in-class AI for maximum business impact without the complexity and costs of having to develop or maintain your own models. It is currently being used by a range of blue-chip companies to drive sales and scale AI across their organizations.
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.
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“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.”