SAN FRANCISCO, Feb. 12, 2020 (GLOBE NEWSWIRE) -- PredictHQ, the demand intelligence company, today announced $22 million in Series B funding led by Sutter Hill Ventures and joined by existing investors.
“This funding enables us to move more quickly on our mission to bring demand intelligence to the world. In today’s hyper connected world, it just doesn’t make sense for businesses to miss out on factoring the significant impact of real-world events into their forecasting, pricing, planning, and other business optimization strategies,” said Campbell Brown, CEO and co-founder of PredictHQ. “Our API is being leveraged by some of the largest airlines, hotels, retail chains, and on-demand platforms in the world. Everything from conferences to sports to natural disasters impacts revenue, product usage, supply chain, and operations. Our technology allows these customers to consistently stay one step ahead. With this investment, we're able to continue to expand the amount of anomalies we verify, rank, and predict the impact of, so we can realize our vision of predicting the catalyst behind any form of demand.”
Each year, businesses lose billions in revenue due to their inability to accurately forecast changes in demand, customer interest, and activity. This is due to the challenges of predicting impactful events in advance, which are difficult to identify at scale because of their dynamic nature. This leads to a reliance on incomplete historical data that lacks context — leaving companies underprepared or unable to meet their customers’ needs.
PredictHQ works by aggregating and verifying more than two billion data points to enrich nearly 25 million events across 30,000 cities worldwide into a single API. The technology gives businesses a leg up on their competition by allowing them to identify which future events will drive demand. By correlating their historical demand with events, PredictHQ enables companies to zero in on the exact causes behind fluctuations in demand.
“When we heard about the huge problem PredictHQ was solving and the tech they are creating, we knew we had to get involved,” said Brian Blond, managing director at Sutter Hill Ventures. “PredictHQ’s demand intelligence is already transforming how businesses boost revenue and optimize labor. It’s rare to find a company that has identified an entirely new category and moved so effectively to own it.”
The growing need for demand intelligence is evidenced by the fact that PredictHQ reported its largest fiscal quarter yet in Q4 2019, bringing the total revenue growth for the year to 125% more revenue than the year prior. This is the company’s third fundraising round. Its Series A in late 2018 was led by Aspect Ventures and included Lightspeed Venture Partners.
“The substantial growth PredictHQ has experienced in the past few years underscores the importance of demand intelligence for companies who want to stay ahead and excel within their markets,” said Theresia Gouw, PredictHQ board member and co-founder of Aspect Ventures and Acrew Capital. “We’re looking forward to seeing how PredictHQ will unlock new opportunities for revenue and potentially change the global economy.”
Read PredictHQ’s most recent blog for more information on funding: www.predicthq.com/blog/announcing-our-series-b-fundraising-and-what’s-next/
PredictHQ empowers major organizations in the airline, accommodation, retail, and transport sectors to accurately anticipate fluctuations in demand for their products, services, and on their staff. By arming leading businesses with intelligence on upcoming concerts, sporting events, conferences, school holidays, severe weather and more, PredictHQ lets companies understand the impetus behind people movement and its impact on commerce via one global events API.
Companies that rely on PredictHQ include Accenture, Booking.com, Domino’s, goPuff, Legion Technologies, Qantas, Sonder, and Uber, among others. This funding will be put toward globally scaling the team, as well as product development, including an upcoming release of PredictHQ’s correlation and prediction engine. The company announced $10 million in Series A funding in 2018, led by Aspect Ventures, with participation from Lightspeed Venture Partners and existing Australian-based investors Rampersand VC and AddVenture Fund, all of which were part of this new raise.
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About PredictHQ
PredictHQ, the demand intelligence company, empowers global organizations to anticipate changes in demand for their products and services. PredictHQ’s demand intelligence API aggregates events from hundreds of sources and verifies, enriches and ranks them by predicted impact so companies can proactively discover catalysts that will impact demand. With PredictHQ, businesses gain a leg up on competition and remain confident in their ability to meet customers’ ever-changing needs. Learn more at www.predicthq.com.
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