Nugit, a Singapore startup, has closed a $5.2 million funding round led by Sequoia India. The announcement was provided by the company yesterday. The company, an artificial intelligence and data analytics startup, will use the funding to help expand their operations to make sense out of big data through artificial intelligence.
The company manages ad accounts for 500 companies in 34 countries, according to the release. Facebook and Johnson & Johnson are among Nugit’s clients.
Scalable for enterprises, the company’s artificial intelligence and analytics platform has been shown to reduce reporting time by as much as 80%, according to the company. The CEO and founder of the company, David Sanderson, stated, “Many of the legacy systems that are being used to manage marketing data are slow, over-priced and take months to implement. We believe analytics can be much leaner and more intelligent, by leveraging technologies such as AI and Machine Learning.”
Nugit employees 25 people in Singapore, and their subscription service is based on data sources and seats. Clients pay between $500 and $2,000 a month to use the company’s services. Customizable options are available through the company, too, such as white-label products, which can be rebranded.
The funding will be used for research and development.
The company plans to expand their team over the next twelve months, but the company is adamant that the operations will remain in Singapore. Nugit will remain focused on clients in Asia and global brands.
Data mapping, cleaning and processing are the company’s main selling points. The process allows data analysts to automate many of the time consuming tasks by as much as 80%, allowing for advanced analysis to be handled by a human while the tedious processing is done through AI.
The company is working on an SDK that will allow clients to build Nugit on top of their current platforms to integrate deeper into data sources.