Tue, Nov 26 2024
The $7.5 million seed financing round for Fluent, a data analytics platform that is revolutionizing how decision-makers access and use business data, has closed.
Fluent, an AI-powered data analyst, relieves data teams of the burden of manually responding to ad hoc data requests by allowing non-technical team members to ask questions of their data directly in plain English and receive answers in a matter of seconds.
According to Fluent CEO Robert Van Den Bergh, a data team's typical time is spent responding to inquiries from various departments inside the company. Many of these queries are simple for the data team to respond to, but doing so diverts them from the more in-depth, strategically oriented study that has the potential to completely change their company. We are enabling team members to self-serve with their data inquiries by utilizing Fluent's natural language interface.
Fluent's AI can answer any question regarding a specific client, a recently announced feature, or the financial performance of a division. In the past two years, Fluent has secured marquee clients, such as Bain & Company, in an effort to democratize data accessible.
Partner at Bain & Company Ian Weber says, "We have been able to use LLMs to analyze and provide insights from very large, complex datasets thanks to Fluent's platform." With Fluent, non-technical users can obtain answers to their queries quickly, correctly, and efficiently—especially when the inquiries are too particular or complicated for our pre-built data dashboards. In the future, we're eager to investigate how Fluent can improve our clients' access to data and insights.
Fluent's CTO, Cameron Whitehead, continued, "Our clients have implemented business intelligence tools, such as Tableau and Looker, with the expectation that their non-technical team members will analyze data independently. However, they have rapidly discovered that these tools are too complex, leading to only a small portion of the team utilizing them. Fluent is designed to accommodate team members who lack expertise in data.
Organizations have been testing the technology on initiatives since the debut of OpenAI's ChatGPT in 2022 to see where they can enhance efficiency, and one of the more well-liked uses has been Excel file analysis. However, adoption is constrained by worries about accuracy and trust, and enterprise-ready solutions that can grow with organizations are still in their infancy. This gap is filled by Fluent, which offers an enterprise-ready solution that data teams can easily curate, manage, and rely on.
The new investment, which is being led by Hoxton Ventures and Tiferes Ventures, will be used to grow Fluent's staff of AI and machine learning specialists throughout Europe and expedite the development of its innovative technologies.
"In a data-driven world, the current approach to data analysis is selling businesses short, creating permanent bottlenecks in their organizations that slow everyone down and hamper decision-making," stated Charles Seely, partner at Hoxton Ventures. We are thrilled to join Fluent in their endeavor to transform the way organizations engage with data because their approach is not just novel but also desperately needed.
"Fluent enables an entirely new paradigm of collaborative intelligence by democratizing real-time access to data-driven insights at every organizational altitude," says Clark Valberg, managing partner of Tiferes Ventures and co-founder of InVision. This, in my opinion, is the biggest strategic and cultural shift taking place in the contemporary business.
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