OAKLAND, Calif., July 24, 2018 /PRNewswire/ -- Today, Outlier, the leader in automated business analysis, is announcing the close of its Series A financing. The company has raised $6.2M led by Ridge Ventures (formerly IDG Ventures USA) and including 11.2 Capital, with participation from existing investors First Round Capital, Homebrew, Susa Ventures and SV Angel. As part of the round, Ridge Ventures Co-Founder and Managing Director Alex Rosen and Homebrew Partner Satya Patel will be joining the Outlier Board of Directors.
Outlier Replaces Dashboards with Unified Insights
Outlier's patent-pending platform goes well beyond traditional "anomaly detection" products by not only finding anomalous events but identifying larger patterns in the data and selecting the four or five key insights that are most relevant for any given business. As a result, Outlier's large enterprise customers have dozens of users across many functions, ranging from marketing to product development, who start off their day with the handful of Outlier-generated key insights.
"The last thing businesses need is another dashboard. Instead, Outlier provides what no other company can: answers to questions businesses didn't know they had and insights into new opportunities," said Sean Byrnes, CEO and co-founder of Outlier. "We now have the support of great investors like Ridge Ventures, who provide a deep understanding of enterprise needs and how Outlier's technology can help address those needs."
"At Ridge, we back exceptional founders, teams, and companies. Sean and Mike meet all the criteria and more: they have relevant prior experience, they are great human beings focused on generating value, and are creating an ambitious new market at the intersection of AI and business analysis," said Alex Rosen, Co-Founder and Managing Director of Ridge Ventures. "Moreover, they are building a real AI application that we know companies everywhere will find tremendously valuable. We are delighted to lead Outlier's Series A, and get them connected to our enterprise contacts so we can help accelerate their already impressive growth."
Hiring Go-to-Market Powerhouses
Outlier was recently named a 2018 Cool Vendor in Analytics by Gartner for being innovative, intriguing, and impactful1. The company has also seen substantial customer growth in 2018 and will use this round of financing to respond to increased demand, growing its headcount while continuing to develop its AI product offering. To fuel this growth, Outlier is hiring two go-to-market executives.
Outlier's newly hired VP of Sales, Todd Fitzgerald, brings deep enterprise sales and operational experience and will be instrumental in accelerating the company's expansion. Todd joins from Snap, Inc. where he ran their West Coast US Enterprise sales team. Todd has also held sales leadership roles at Flurry from Yahoo! and Fox Interactive Media.
Additionally, Outlier is appointing Jennifer Ellard as Head of Marketing. Jennifer had over 20 years of experience in enterprise software marketing and was most recently the Senior Director of Demand Generation at Tanium. She's held product marketing leadership roles at HP Enterprise and Symantec.
To learn more about Outlier, visit www.outlier.ai
Outlier finds insights across the entirety of business data, helping identify relationships that are impossible to find manually. Adding any integration only takes minutes, and each integration helps companies learn more about different aspects of their business. The more data sources added, the more useful Outlier becomes, as it can find hidden relationships and patterns across disparate aspects of a business.
About Ridge Ventures
Founded in 2007, Ridge Ventures is an early-stage, Series A-focused venture capital fund investing in experienced founders who are redefining how the world interacts with software. Ridge takes a fast, flexible, and founder-focused approach and backs companies delivering advanced technologies, new distribution models, and incredible user experiences. The Ridge portfolio includes companies such as Krux, MindMeld, TellTale Games, Next Games, Minted, Fastly, Discord, Braze, ThirdLove, SafeGraph, Trifacta, YouEarnedIt, and others. Ridge Ventures was formerly IDG Ventures USA. To learn more, visit us at www.ridge.vc.
1 Gartner does not endorse any vendor, product or service depicted by its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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