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Phocas raises $34 million to grow AI and global footprint

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Cloud data analytics service provider Phocas raised $34 million in its Series A funding round. This financial injection will be put towards growing its AI capabilities and international presence.

Phocas is a cloud-based analytics platform that gives users insights into their data, allowing them to make data-driven decisions. In addition, the platform offers many features and tools to help businesses better understand their data.

This latest funding round will help Phocas build upon its existing offerings and expand into the global market.

Overview of Phocas

Phocas is an international software-as-a-service provider which provides companies with visual analytics solutions. Founded in 2007, the Australia-based company has offices in London, New York City and Sydney. The company mainly focuses on helping businesses gain insights into their internal operations. This enables businesses to make timely decisions, measure progress and optimise performance.

The solutions offered by Phocas are customizable, user-friendly and easy to use. It offers capabilities for data analysis such as advanced filtering, reporting and warehousing options. Additionally, the platform allows users access to various data sources from multiple endpoints including web analytics platforms and enterprise resource planning systems like SAP or Oracle databases. The platform features an intuitive UI/UX which can be further personalised based on user preference and need.

Phocas also provides an Artificial Intelligence (AI) powered product designed to offer real-time personalised visual analytics insights tailored to each user’s role within the organisation. Through AI driven analysis of data patterns within structured and unstructured datasets, the product delivers tailored solutions for predictive insights for improved business performance and goal setting capability.

Recently Phocas announced it had closed a $34 million Series C investment round led by Contour Venture Partners with participation from existing investors Battery Ventures and Regal Funds Management bringing its total raised funds close to $67 million since 2016. The new capital injection is expected to be used towards expanding Phocas global footprint across North America, Europe and parts of AsiaPacific as well as investing in further development of its AI analytics platform capabilities going forward into 2021.

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Investment details

Phocas has raised $34 million in its latest funding round led by existing investor ORIX Growth Capital, with participation from other existing investors. This brings the total capital raised by Phocas to more than US$50 million since it was founded in 2007. The funds will accelerate global expansion, develop AI-powered products, and fuel growth initiatives.

The investment will help the company build on its artificial intelligence (AI) capabilities and strengthen its international presence. Phocas’ AI capabilities are designed to allow easy analysis of large data sets and an intuitive user experience for customers. Specifically, these capabilities include allowing customers to set up automated analysis of the most relevant business intelligence data and creating dashboard recommendations based on this analysis.

The company is also planning to use the new funds to invest in key areas of innovation such as building more powerful natural language processing (NLP) tools, developing more advanced visual exploration capabilities, and further enhancing its library of cross-platform analytics modules for easy integration into any application or system. The investment will also enable Phocas to expand operations in key international markets including South Africa and Latin America.

AI Expansion

In a Series D funding round, cloud data analytics service Phocas has raised $34 million. This new funding will help to further expand their AI and global footprint.

The Australian-based company is looking to leverage the funds to destep up their game in cloud data analytics and reach new markets worldwide. So let’s examine what else they plan to do with this new funding.

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AI-driven insights

AI-driven insights are an invaluable tool for businesses trying to improve their performance. As business and operational problems become more complex, AI can help companies make sense of the data they have collected over time to better understand their customers’ needs and behaviours.

Phocas, a business intelligence provider, recently raised $34 million in a series B funding round to further develop its AI-driven insights platform and continue its international expansion.

The company’s platform is built on edge computing — a process that distributes AI processing across multiple locations — and provides real-time data analytics and automated analysis, visualisations, recommendations, alerts and more. Its vision is to bring smart capabilities to the users’ fingertips so they can monitor their business performance in real time.

The new funds will expand Phocas’s product roadmap, bringing more advanced analytics capabilities—like predictive modelling—that leverage global machine learning for companies of all sizes. It will also serve the company’s push into new markets such as America, Europe and Asia Pacific by developing localised data insight products. In addition, the funds prove that investors are placing faith in clever AI solutions such as those offered by Phocas to accelerate businesses’ digital transformation journeys.

AI-powered automation

AI-powered automation is one of the fastest growing technologies across industries and Phocas, a cloud analytics provider for mid-market companies, is leading the charge. Phocas recently announced it has raised $34 million in Series C funding to further invest in artificial intelligence (AI) and expand its product internationally.

The Series C funding was led by Summit Ecosystem Fund I LP, bringing Phocas’ total external funding to over $60 million. The funds will be allocated to continue building the company’s AI capabilities within its cloud analytics software. At the same time, Phocas will use the investment to expand its international presence as it seeks to broaden its customer base.

This new round of funding rounds up recent wins for Phocas, including partnerships with European-based companies such as Fujitsu and K3 Software Solutions, and an AICPA certification which gives certified public accountants (CPAs) access to two of their powerful applications tailored specifically for accountancy businesses.

Phocas’ platform automatically optimises client data and renders deep insights into their business operations by providing instant access to real-time performance metrics available on any device or operating system. In addition, it enables users to quickly export data into popular Microsoft Office applications like Word, Excel and Outlook — ideal for companies with remote teams who need easy access to data regardless of location or time zone.

Cloud data analytics service Phocas raises $34 million to grow AI, global footprint

Cloud data analytics service Phocas has just raised $34 million to grow its AI technology and expand its global footprint. This is the first major fundraising event by the company, and it’s set to help them expand their reach worldwide.

We’ll be looking at what new opportunities this funding provides and how it will shape the future of Phocas.

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Europe and North America expansion

Phocas is expanding its presence in both Europe and North America by raising $34 million in a Series C funding round led by new investor Investec Ventures, with existing investors Accel, OneVentures, Wild Rise and U.S venture capital fund Tribeca Venture Partners also participating.

The investment will extend the accessibility of the company’s business intelligence analytics platform, allowing businesses to gain insights from their data – something the company believes will give businesses the tools they need to succeed in the age of Big Data. In addition to expanding its platform’s reach, Phocas plans to use the funds to double its team size over the next 12-18 months and establish offices in North America and Europe.

This fresh capital injection builds on more than $3.3 million raised since the startup phase, with the total raised now at $37.3 million since founding in 2008. The latest round signals a major milestone for Phocas as its vision expands into new markets and regions – helping global businesses access insights that drive success at scale with their customers, products, operations and employees.

Phocas’s core product revolves around a web-based centralised platform for business intelligence (BI). It provides an easy-to-use dashboard for visualising data delivered from customers’ transactional systems – helping them identify patterns or trends within their operations otherwise difficult to detect through traditional analysis techniques like spreadsheets or paper reports. It also provides a range of built-in analytical tools allowing customers to easily manipulate data for deeper levels of insight into performance metrics that wasn’t previously available through current BI software solutions on the market today.

Asia Pacific expansion

Phocas recently announced a $34 million Series C funding round, led by Uber’s early investor Bessemer Ventures, to enable its expansion in the Asia Pacific region. The company is a cloud-based analytics platform that provides users with real-time intelligence from disparate data sources. This will enable it to accelerate the roll out of its products in the region so that customers can benefit from Phocas’ advanced analytics and powerful data insights.

The decision to expand in Asia follows the success of Phocas’ expansion into Europe and North America. Phocas has already received considerable interest in China since launching in November 2019 and has successfully developed relationships with large organisations in investment banking, hospitality, retail, healthcare and education industries.

With the new funding, Phocas plans to build its presence across key countries such as Japan and South Korea where it already has a strong customer base. It also plans to open offices across several markets including India where it anticipates huge growth potential. Additionally it will actively recruit technical talent to support local clients, whose data structures vary significantly country-by-country.

The new funds will also further develop Phocas’ AI capabilities within its platform so users experience enhanced data visualisation and integrated machine learning capabilities within their business intelligence solutions. By strengthening its partnerships with global providers through technological investments such as AI development and expanded presence into local markets through direct offices, Phocas seeks to empower customers worldwide with intelligence generated from their data stacks for meaningful business decisions and improved performance today – tomorrow – into the future.

Impact of Investment

With the recent investment of $34 million raised by cloud data analytics service Phocas, the company will be able to diversify its offerings and grow its AI and global footprint. In addition, this investment will allow the company to expand its operations and further accelerate its growth.

Let’s discuss the potential impact that this investment could have for Phocas.

Increased customer base

The new capital from the Series C round will help Phocas to accelerate its customer growth and expand its AI-powered business intelligence offerings. The platform, served in 33 countries, has seen its customer base grow 70 percent in the past year alone.

With this latest injection of money, Phocas plans to leverage AI-powered technology for insights, analytics and improved decision making capabilities. This is intended to give end users an unprecedented management view that can be tailored to fit their needs, including deep customer analytics and competitive benchmarking, performance dashboards and dynamic workspaces that can be accessed anytime from any device.

They look to further pursue their global expansion plans to maintain customer relationships while pushing boundaries and disrupting traditional corporate performance arenas by offering easy access to actionable business data. In addition to expanding existing customer bases in Europe, Middle East Africa (EMEA) and Australia New Zealand (ANZ), they plan on adding four new countries this coming year. With these investments they hope to quickly build sales, support, marketing and cloud infrastructure teams tailored for those regions.

Enhanced product capabilities

With the new investment, Phocas plans to speed up human-guided automation and artificial intelligence capabilities on its platform that puts business data into the hands of decision makers. These enhancements will allow businesses to create their data connection, process, and analysis solutions that can track detailed customer transactions, evaluate market performance and flag any opportunities for growth in real-time.

The expansion of Phocas’ technology capabilities are set to benefit large corporations with unlimited data sets across multiple systems and businesses seeking a more elegant ‘plug and play’ solution. This increased power over data will enable companies of all sizes to implement AI-driven models that can automatically examine trends in their particular industry or sector to spot opportunities for growth or areas where they might need more comprehensive analysis.

The enhanced product capabilities come at the same time that Phocas grows its global footprint with a plan to expand its already established presence across Europe, Asia Pacific and North America—bringing intelligent insights and machine learning solutions to more businesses regardless of size or location. The new funding will also enable them to offer their services at more competitive prices while continuing to innovate across every aspect associated with their products.

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