Data intelligence platform Adverity announced that it had completed a Series B fundraising round, and raised $12.4 Million.
Founded in 2015, Adverity is a cloud-agnostic SaaS platform compatible with Amazon, Google and Microsoft that provides data to destinations such as SQL databases, Snowflake, AWS Redshift, SAP HANA. It makes use of AI and Machine Learning to produce actionable insights in real time. Adverity’s clients include companies such as IKEA, Red Bull, MediaCom, Mindshare and IPG. Headquartered in Vienna, Austria, the company has offices across London, Sofia, and Frankfurt.
This funding brings the total amount raised to date to about $17 Million. The round was led by London-based Felix Capital and witnessed participation from Silicon Valley’s Sapphire Ventures and the SAP.iO fund. Adverity continues to be backed by existing investors, including Speedinvest, Mangrove Capital ( early backer of Skype, Wix.com, and Walkman), 42cap and local Austrian company the AWS Founders Fund.
The company plans to use these funds to expand into the U.S. market.
Alexander Igelsböck, CEO and Co-Founder of Adverity, commented: “Every company wants and needs to be data-driven. This is especially true in marketing where the fragmentation of data, and complexity in getting insights from it, poses a huge challenge for CMOs. Adverity’s mission is to solve those challenges by eliminating the hurdles facing companies today.”
Sasha Astafyeva, Principal at Felix Capital, commented: “Data is a powerful tool for engaging customers and Adverity helps marketers harness the power of their data to make better decisions, grow their business and better serve their customers.”