Predictive analytics software startup PredictifyMe has raised $1.25 million in new funding to gear up its sales and marketing efforts and accelerate its product development.
The company expects to begin beta testing of its flagship software product, Hourglass, at the end of this month with an eye toward launching it in the fourth quarter.
“Our real mission is to use our predictive (technology) to help companies make better decisions,” said Marcy Bucci, co-founder and president of the Raleigh-based company. “The whole premise of our company is that decision making could be better if you have the right data at your fingertips.”
In addition to getting into the software business, PredictifyMe also provides data analytics consulting services.
Incorporated in May 2014, PredictifyMe has more than 30 full-time employees today, including a handful at its Raleigh headquarters. The company, which announced its new funding from angel investors this week, previously raised $315,000 in seed funding.
Bucci said that the company expects to have 50 or so employees by the end of the year, including 10 or 12 in Raleigh.
Most predictive analytics software, said Bucci, isn’t able to fully leverage Big Data, especially the vast troves of publicly available data, to the extent that Hourglass will, Bucci said.
That includes, she said, incorporating more than 130,000 publicly available data sets into Hourglass’s data platform “that most companies aren’t doing anything with.” A data set is a collection of data; data from the U.S. Census Bureau, for example, is a single data set.