July 08, 2013 08:00 ET
Accenture Leads Financing and Enters Agreement to Co-Develop New Solutions for Its Clients
SAN JUAN CAPISTRANO, CA--(Marketwired - Jul 8, 2013) - Predixion Software, a developer of collaborative predictive analytics solutions, announced today it has raised $20 million in Series C financing. Predixion's Series C includes two new strategic investors, Accenture (NYSE: ACN) and GE Ventures. Current investors DFJ Frontier, EMC, Miramar Venture Partners and Palomar Ventures also subscribed to the round of financing along with new investor, Frost Venture Partners.
In conjunction with its role in leading the financing round, Accenture will jointly develop a range of advanced analytics solutions for its clients with Predixion. These solutions will reduce the time and cost of decision making by extending the use of predictive analytics applications to managers in a range of business functions, allowing them to apply data-driven insights directly to their operational workflows. The solutions will be marketed to Accenture clients.
"We are pleased to join forces with Predixion Software to offer our clients' business users new intuitive data analytics and collaboration solutions," said Sajid Usman, global managing director for Technology at Accenture Analytics. "The end-to-end capabilities we're building will make it more cost effective for our clients to turn data into insights, actions, and ultimately business outcomes. Our investment in Predixion is part of our ongoing strategy of bringing capabilities to our clients that cover the full analytics value chain and help them move forward on their Analytics Journey to ROI."
Predixion provides collaborative predictive analytics solutions for customers across key industries such as healthcare, life sciences, financial services, marketing, government, manufacturing and ecommerce. Predixion software eliminates the complexity of predictive analytics so non-technical professionals on the front lines of business can anticipate customer needs, reduce costs and accelerate operational efficiency. For example, a healthcare administrator can predict which patients are likely to readmit, a bank manager can anticipate when a valuable customer is likely to switch banks, or a marketing manager can use predictive targeting to improve campaign response rates.
The company's recent milestones include starting the year with six new strategic customers, revenue growth of over 800%, on average, for 2011 and 2012 as well as closing Q1 2013 revenue that exceeded all of 2012 revenue by 30%. Predixion was also selected as a finalist for Red Herring's Top 100 North America award, a prestigious list honoring the year's most promising private technology ventures from the North American business region.
"Bringing on world-class investors like Accenture and GE validates the massive opportunity for nimble predictive analytics technologies," said Simon Arkell, CEO and Co-Founder, Predixion Software. "Partnering with such an experienced group of strategics will help us accelerate growth and scale globally as we continue our mission to drive adoption of predictive analytics into every industry."
"From aviation to health care, GE's customers are now collecting unprecedented amounts of data, due to a growing number of intelligent business systems and sensor-equipped machines," said Brett May, Head of Software Ventures and Business Development, GE Software. "GE plans to launch many next-generation Industrial Internet services that leverage that data and its context. We believe that Predixion will broaden the spectrum of creators and consumers of big data predictive analytics and we're excited about the company's potential to help us offer data-driven value to our customers."
Predixion will use the funding proceeds to accelerate product development and scale its sales and marketing organizations to support current and anticipated demand and growth for its family of predictive analytics solutions.
About Predixion Software
Predixion Software is a disruptive predictive analytics software company with a unique focus on the development of portable predictive applications via its patent pending "Machine Learning Semantic Model" (MLSM) and the "last mile" of analytics -- the deployment of powerful predictions to the people who need to act upon them. Predixion offers an easy-to-deploy self-service predictive analytics solution that allows customers to unlock deep insights within their data with technology that integrates with leading business intelligence platforms, business applications and workflows. Predixion has nearly 200 companies using Predixion Enterprise Insight in 53 countries. For more information visit us at www.predixionsoftware.com.