In an impressive debut, London based no-code startup Actable AI has gone about raising a total of $1.2m round led by venture capital firms in pre-seed funding.
Begin Capital, Charlotte Street Capital, Malta Enterprise and a group of angel investors from the UK, US and Singapore participated in raising the total figure, allowing the fresh startup to use these fresh funds to launch a solution and gain even more customers.
The startup, founded in 2020 by Trung Huynh and Armen Poghosyan, developed a platform aiming to make data analytics more accessible by using no-code development – a process that permits users to program via graphical user interfaces instead of coding – to better analyse spreadsheets.
With this platform, users without previous programming skills or any advanced knowledge of machine learning or statistics can easily analyse data directly via Google Sheets and Excel with the benefit of AI-based analytics.
Actable AI has also unveiled plans to release a Google sheets Add-on, an Excel Plugin and several other plugins throughout 2022.
Growth By Funding
The funding in place has allowed Actable AI to grow and focus on advanced analytics being brought to companies all around the world. The added positive that the company has highlighted is that they are now in a better position to help democratise the data science market to make it easier for small-medium enterprises and business professionals to use their data to tackle real-world issues.
These issues range from understanding shifts towards new flexible work impacting purchasing behaviours to estimating the effectiveness of online advertising on increasing sales – as well as many other real-life issues currently facing business and society.
The startup has identified a gap in the market between one billion spreadsheet users compared to just a little over five million data scientists, with its platform able to help users analyse their data using 8 different AI-based analytics.
Actable AI identified these 8 separate AI-Based analytics as causal inference, time series forecasting, sentiment analysis, segmentation, regression, classification, data cleaning and correlation analysis. Each they view as a major benefit towards businesses moving forward as well as smaller businesses not savvy but willing to step into the AI analytics arena.
Actable AI has also announced its intended plans to release a web-based app that can handle datasets that are too large for spreadsheets.