Stratifyd, a Charlotte-based data analytics software company, with additional offices in London and Beijing, submitted form D for $7 million equity financing and has raised $5.9 million in a private equity offering from four investors, and is seeking another $1.1 million from the offering, according to a filing with the Securities and Exchange Commission.
This AI platform uses machine learning to turn raw data such as the voice of a customer, product reviews, surveys, online chat transcriptions, system logs, emails, employee satisfaction, social media engagement, and news articles into decisions, focusing on data visualization, textual mining, customer insights, data analytics, behavior analysis, and big data. The platform is built on patented algorithms that leverage machine learning (ML) and natural language processing (NLP) for the businesses.
For example, Stratifyd can analyze feedback from customers’ reviews of vehicle models and then give out the suggestions. Two cars, A and B, the average price of A is above B through horizontal comparison, but A has advantage in fuel consumption, so A is below B in terms of the long-term cost of use. As a result, we can promote the advertising and expand the selling area of A to increase its market share.
To achieve the result of the case above, Stratifyd has a systematic approach: the first step is the collection of data. The source of data comes from e-commerce, news websites, forum, Weibo/Twitter, WeChat/Facebook, video websites and etc. The second step is to clear the data, automatically deleting repetitive and useless information. The third step is deep learning, conducting cluster analysis and fully automatic semantic analysis through AI and Bayesian, and conducting automatic modeling, using deep learning to strengthen the comprehension of the general context and structured data. The forth step is data analysis to achieve data classification and the final step is the data visualization to present the result.
The company previously raised $1.7 million Pre-A in January 2016 and $1 million Seed in February 2015. The previous investors include NewGen Capital, ZhenFund, China Growth Capital, Social Starts and Tencent Holdings.
In 2016, Stratifyd announced 300 percent revenue growth due to demand for its software. During the year, it added clients such as Lenovo, Kimberly Clark, and Ally Bank. Stratifyd also opened international offices in London and Beijing.
Its founder and CEO is Derek Wang, who has held positions at Microsoft Research, Xerox, and Bank of America before becoming the associate director of the Charlotte Visualization Center where he worked on projects for Homeland Security and Bank of America. “For us, AI is not about replacing people, but is about augmenting human skill, making us better and faster at what we do by utilizing technology,” notes Derek.