London-based no-code advanced analytics platform Actable AI has raised $1.2 million in pre-seed funding to make data analytics more accessible for 1 billion spreadsheet users globally. The round was led by London-based venture capital firm Begin Capital and included participation from Charlotte Street Capital, Malta Enterprise, and a number of angel investors from the U.K., the U.S. and Singapore.
The funding will enable the startup to roll out its solution and further expand its user base. The company will also launch its Google Sheets Add-on, Excel Plugin and several other plugins this year.
The current analytics tools are either too expensive, complicated or limited. The startup founded in June 2020 by Armen Poghosyan and Trung Huynh is attempting to change the situation. It is democratising a wide range of analytics tasks, making it accessible to everyone, everywhere, and not just the data specialists.
Actable AI technology allows users to analyse their data with eight different AI-based analytics: causal inference, regression, classification, time series forecasting, sentiment analysis, segmentation, data cleaning, and correlation analysis. The company has also introduced a stand-alone web app that can handle datasets that are too large for spreadsheets.
Dr Armen Poghosyan, CEO and Co-Founder of Actable, said: “The funding will allow us to continue to grow and bring advanced analytics to companies all around the world. It will also help us to democratise the data science market, making it easier for SMEs and business professionals to use their data to tackle real-world issues.”
Alex Menn, Partner at Begin Capital, said: “The computing power and learning ability of software may fundamentally disrupt the role of experts. Various software applications will enable an average worker to replicate the skills of a professional. Actable AI is standing at the intersection of two beloved VC trends: the rise of new professions and AI no-code solutions.”