Akkio’s US$15 Million Series A Boost: Expanding Generative Analytics and Business AI Solutions

Expanding Generative Analytics and Business AI Solutions

The funding will accelerate the commercialization of Akkio’s AI platform.

Based in Cambridge, Massachusetts, Akkio, a no-code AI company, recently concluded its Series A funding round, securing US$15 million in investment. This round included contributions from Bain Capital Ventures (BCV) and Pandome, Inc. The funds are earmarked to accelerate the commercialization of Akkio’s AI platform.

The platform is renowned for its user-friendly interface and affordability. It aids clients in data interaction, creating real-time dashboards, and applying machine learning (ML) for predictive analytics. This spans domains such as lead scoring, forecasting, and content optimization. This significant financial boost will propel Akkio’s efforts to bring generative analytics and ML solutions to businesses. 

The rise of generative AI assistants is revolutionizing workplace dynamics. Professionals across various sectors, from copywriting and graphic design to software engineering, are increasingly relying on AI tools like ChatGPT, DALL-E and CoPilot. Akkio’s platform now offers data analysts a consumer-friendly generative AI solution to enhance their productivity.

User-friendly AI analytics 

Since its inception in 2019, Akkio has prioritized ease of use in its product strategy. The platform enables users to harness the capabilities of GPT-4 for generating insights, visualizations and dashboards from popular spreadsheet tools or real-time business data sources, including Google Big Query, Hubspot, Salesforce and Snowflake. 

The platform facilitates the creation of predictive models tailored to specific business requirements, enabling real-time decision-making without the need for coding. Furthermore, with pricing plans commencing at just US$49, Akkio presents an economical option for SMEs aiming to optimize their operations.

Abe Parangi, Co-Founder & CEO of Akkio Inc., highlighted the gap in the market for businesses seeking advanced AI and ML tools but lacking the necessary technical know-how. He expressed optimism that this fresh capital injection would bolster Akkio’s platform, enabling business analysts to harness AI more effectively. Ajay Agarwal, a partner at BCV, shared this perspective, emphasizing the transformative potential of user-friendly AI tools for businesses.

Akkio’s 2023 innovations

In 2023, Akkio unveiled several platform updates. One of them is the launch of “Chat Data Prep”, a feature powered by generative AI for automated data cleaning and preparation through chat. Users can merge columns, summarize records, translate languages, adjust formats and perform complex calculations without the need for coding. 

Another major update is “Chat Explore”, a generative AI-driven chatbot that facilitates secure data exploration, allowing users to discern patterns and derive actionable insights ten times faster than conventional methods. It provides detailed analyses and facilitates the creation of real-time, custom charts. 

Additionally, the “Forecasting” feature offers an ML model designed for straightforward predictions related to inventory levels, sales and marketing outcomes. It assists users in identifying trends and generating forecasts based on live data.

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