London-based Brytlyt, a startup that provides data analytics and visualisation technology, announced that it has raised $5M (approx €4.43M) in an extension of its Series A round of funding.
The investment was made by AlbionVC, and existing investors Amadeus Capital Partners and Finch Capital.
The funding marks the release of Brytlyt.io, a fully serverless deployment model for analytics and data science workloads. This release comes at a time when, according to a report by Morgan Stanley, the data analysis sector is predicted to be worth more than $75B (approx €66.52B) by 2024, covering applications in AI and Business Intelligence.
Cat McDonald, Investor at AlbionVC, says, “Organisations that can extract insights from big data in a timely manner will be the leaders of tomorrow. Our investment in Brytlyt.io is in firm support of that thesis. We are therefore delighted to welcome Brytlyt.io, and visionary founder Richard, into our growing portfolio of cutting-edge data companies that includes Quantexa, Solidatus, Elliptic and more”
Capital utilisation
The company claims the proceeds from this round will enable it to expand its growth across Europe and the US with focus on hiring new talents and deployment of new products.
Speaking on the development, Richard Heyns, CEO of Brytlyt, says, “The success of this investment is a ringing endorsement of Brytlyt and our trajectory, and will give us the resources to drive our strategic growth. The launch of Brytlyt.io delivers a unique way to access high performance analytics tooling and is a genuine catalyst for positive disruption in data analytics. I believe the data analysis marketplace is at an inflection point with Brytlyt a leading contributor.”
“We are very proud that earlier investment partners Amadeus and Finch are now partnered with AlbionVC. Their combined support gives us confidence to achieve our strategic growth objectives,” adds Heyns.
Data solutions that solve tough analytics problems easily
Brytlyt was founded in 2013 by husband-and-wife duo Richard and Maria Heyns. The company claims to provide the world’s fastest GPU accelerated database, analytics, and visualisation workbench with in-platform AI capabilities and IP technology.
Built on PostgreSQL, Brytlyt accelerates query times and processes to the speed-of-thought, while maintaining a strategy for real-world application and accessibility. The platform allows integration into a business’s day-to-day processes while utilising existing skillsets. As a result of the ultrahigh speed data processing capacity, businesses can rapidly increase their competitiveness and revenue.
The company’s recently released serverless Brytlyt.io combines the company’s product suite of BrytlytDB, Spotlyt and BrytMind, and can handle complex queries on billions of rows of data, delivering results in milliseconds in the form of graphics, maps, and charts.
With faster, clearer visual analysis, customers can interpret their end-users’ behaviour in essential areas such as fraud prevention, attracting and retaining customers, network performance optimisation and risk management, supporting better decision-making and improved outcomes.
The platform works with global clients in a range of sectors including telecoms and transport, and has partnerships with companies including TIBCO Spotfire, Nvidia, and IBM.
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