Milan-based iGenius, a scale-up on a mission to reimagine data interaction for businesses, announced on Friday (July 15, 2022) that it has raised €10M in a Series A+ round of funding.
This round brings the company’s total raised capital to €30M as it continues to execute its go-to-market roadmap, with new announcements expected later this year.
Brief about the investor
The investment was led by NovaCapital, with the participation of Blacksheep MadTech Fund.
Giovanni Strocchi, co-founder & venture partner at BlackSheep Fund, says, “Data can be a huge competitive advantage for companies and can be a source of growth if correctly activated within an organisation. We believe iGenius has built a killer AI application that accelerates existing business intelligence investments and ROI by extending real-time contextual access to data insight to all users.”
iGenius’ current round lead investor NovaCapital is led by entrepreneurs and managers, and aims to invest in fellow entrepreneurs and their innovations. The firm says it supports the “most” innovative and sustainable industries, including Bio-Green-Health-Fin-Deep-Tech, New Space and Smart Urban Development, with investments in both Europe and the US.
BlackSheep MadTech Fund claims to be the first European vertical venture capital fund managed by Eureka SGR. The firm invests in marketing and communication technologies and more specifically in technology companies that are changing the game in the fields of Big Data, Robotic Process Automation, AI and related B2B applications for the marketing and advertising industry (MadTech).
Capital utilisation
iGenius says it will use the funds to expand its market reach and accelerate its sales and marketing efforts in Europe and the US.
CEO of iGenius, Uljan Sharka, says, “We’re thrilled to partner with NovaCapital and Blacksheep MadTech Fund to continue on our mission to enable and empower companies with human-centric data intelligence products.”
iGenius has developed the most advanced AI technology for business intelligence, which enables organisations to make better decisions by understanding and responding to changes in their data in real-time.
Creators of virtual advisor for data intelligence
Founded in 2016 by Uljan Sharka, iGenius is on a mission to reimagine data interaction for businesses. With the help of Artificial Intelligence, the company creates products to simplify the relationship between people and data.
iGenius offers its AI platform with three core technologies:
- Users can index all their data sources by leveraging plug-and-play connectors via the low-code no-code capabilities of the platform
- Users and system integration partners can train the AI to serve specific augmented analytics use cases
- iGenius can be accessed through natural-language-based applications across mobile, desktop, and embedded end-user experiences
By introducing a conversational paradigm as the end-user interface of business data, iGenius aims to expand the usage of analytics beyond the data-skilled, opening access to 100 per cent of the total addressable users.
In January, the startup launched its augmented analytics tool, Crystal. It is a virtual advisor for data intelligence on Google Cloud, aiming to accelerate the adoption of cloud and data intelligence technologies, speeding up digital transformation for small and mid-sized companies, financial institutions and large manufacturing companies.
With this development, the difficulty that iGenius seeks to address is how to expand access to corporate data beyond IT teams, guaranteeing that even teams with limited data literacy can obtain the information they require to make better, quicker choices based on data.
The company claims that its platform is used by some of the world’s largest organisations, including Fortune 500 companies, and is rapidly gaining traction in the market.
01
From employee advocacy to social selling: Oktopost founder Daniel Kushner on the future of B2B marketing