A software company called DataChat has closed on a $25 million funding round following a limited product launch of its data analytics platform.
The Madison-based company has developed a system that relies on artificial intelligence for natural language processing. Through a chat function, users can ask complex data questions and get answers and visualizations. The company’s CEO and co-founder, Jignesh Patel, says this reduces the need for technical expertise and empowers businesses to better understand their data.
This latest funding round builds on a previous seed funding round that raised $4 million in October 2020. Nepenthe Capital, a Silicon Valley venture capital firm, led the seed round and joined the $25 million round as well. Other investors included Redline Capital, Anthos Capital and Celesta Capital, all of which are also based in California.
“Jignesh and his team have a radically different approach to democratize analytics using a novel conversational paradigm, and they have a compelling vision to dramatically transform the existing analytics ecosystem,” said Tatiana Evtushenkova, a partner at Redline Capital.
The initial seed round supported technical development and the initial product launch with a limited set of customers, while the latest round will help the company “accelerate execution of both our product roadmap and our customer growth strategy,” Patel said in a statement.
“The reception has been a huge success,” he said.
Patel is a professor of computer sciences at UW-Madison, where the research that underpins the company’s technology was conducted. DataChat has also received funding from the Wisconsin Alumni Research Foundation, the university’s patenting and licensing organization.
Listen to an earlier podcast with Patel: https://www.wisbusiness.com/2018/wisbusiness-the-podcast-with-jignesh-patel-uw-madison-professor-of-computer-sciences/
–By Alex Moe