The recent Series C funding for Virtualitics underscores its growing influence in the AI and data visualization sector.
Virtualitics, a California-based artificial intelligence (AI) and data exploration company, recently secured US$37 million through a Series C financing round. The round was spearheaded by Smith Point Capital, LLC, with additional contributions from Citi and advisory clients of The Hillman Company and other investors.
Michael Amori, the CEO of Virtualitics, emphasized the strategic alliance with Smith Point, appreciating their industry know-how in enterprise software. This new funding, he believes, will be instrumental in realizing Virtualitics’ aim of assisting organizations in addressing intricate, mission-critical challenges harnessing AI, data exploration, and prescriptive business processes.
Keith Block, CEO of Smith Point Capital, lauded Virtualitics’s AI and machine learning (ML) capabilities for reshaping how companies utilize their data and acknowledged the visionary leadership of Michael and his team.
Virtualitics and its technology
Virtualitics is recognized for its proprietary technology, “Intelligent Exploration”, which is transforming the AI and data exploration sectors. This platform facilitates data queries in natural language, allowing users to delve deep into intricate datasets, discover essential insights and produce multidimensional network graph visuals. Additionally, the platform boasts patented VR/AR functions that support real-time collaboration for users dispersed in various locations.
Company growth and collaborations
This fresh investment arrives during a phase of swift expansion and increasing traction for Virtualitics. Notably, the company has experienced substantial growth across its public sector and essential commercial sectors.
In the past year, Virtualitics gained seven new customers from the Department of Defense and expanded its customer base in the Financial Services and Consumer Packaged Goods (CPG) markets. Furthermore, in May 2023, Virtualitics announced a significant strategic investment from Citi. This investment is poised to accelerate the expansion of Virtualitics’ AI platform, equipping it with enhanced ML and data analytics capabilities, specifically tailored for financial services.
In addition, Virtualitics recently fortified its business relationships with data cloud company Snowflake. This partnership seeks to empower joint customers by harnessing AI to unearth data interconnections and present them in detailed 3D visuals using Snowflake’s consolidated platform.
Recognitions and patents
Virtualitics has received various accolades, including a place in Fast Company’s “World’s Most Innovative Companies” list for 2023 and the 2023 Artificial Intelligence Excellence Award by the Business Intelligence Group. The company has recently acquired two additional patents, taking their total to five, emphasizing their dominance in 3D visualization and AI-guided exploration.
The road ahead
With the infusion of this capital, Virtualitics aims to continue allocating resources toward growth and innovation. The firm plans to amplify its investments in direct and ecosystem investments and to enhance its AI platform by incorporating more ML and data analytics tools Moreover, the investments will be directed towards incorporating self-serve prescriptive workflows, simplifying the process for customers to dissect intricate data, comprehend insights and transform their business.
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Header image courtesy of Pexels
Press release link:
https://blog.virtualitics.com/37-million-series-c-funding-round
