PASADENA, Calif.--(BUSINESS WIRE)--Virtualitics Inc., a leading AI-driven data analytics software company, today announced the close of a new $18 million Series B funding round led by North Sound Ventures. The funding will be applied to expand Virtualitics’ business with the defense industry as well as accelerating and increasing engagements in commercial markets, including use cases in healthcare, finance, industrial IOT and motorsports with several Fortune 500 companies. Additionally, Brian Miller, Chief Investment Officer of North Sound Partners, has joined Virtualitics’ Board of Directors, marking the beginning of a partnership where North Sound Partners and other strategic investors will bring a wealth of knowledge on the commercial enterprise software market.
Virtualitics Immersive Platform (VIP) is a software-as-a-service, AI-driven data analytics and 3D visualization platform that lets anyone, at the click of a button, discover and communicate actionable insights from complex data faster than with traditional data analytics tools.
In 2020, Virtualitics was awarded the first ever Strategic Award from the Air Force, where it was named one of 21 “big bets” the U.S. Department of Defense is making on emerging technologies. Additionally, Virtualitics has won 13 separate AI contracts with the Air Force, Navy, and Army.
Michael Amori, CEO and co-founder of Virtualitics, said: “Our mission is to enable smarter data-driven decisions through our technology, combining simple-to-use AI and 3D data visualization. This funding will enable us to further improve and differentiate our platform, expand upon our success to date enabling the DOD to take advantage of AI systematically at enterprise scale, and build our go-to-market resources for key commercial markets.”
Ciro Donalek, CSO and co-founder of Virtualitics, added: “We are making the black box of AI more transparent for all users through explainability, advanced visualization and data storytelling. With this new capital, we will be able to further expand our talented data science and engineering teams and more quickly deploy all the exciting new features in our roadmap.”
Four-Star General (ret.) Frank Gorenc, former Commander of U.S. Air Forces in Europe and Virtualitics Board member, explained: “Data analysts are in high demand and there are simply not enough of them to satisfy the need. Virtualitics bridges this gap, bringing informed decisions to complex problems in the military. Their technology will have a big impact on American defense.”
Brian Miller, newly appointed Board Member, highlighted: “Virtualitics is extremely well-positioned to build upon its success in the DOD in providing quicker time-to-value data insights and extend these applications to commercial end markets. With the rapid acceleration in both the amount and complexity of enterprise data, we believe the Virtualitics software stack is uniquely positioned to help customers realize key insights and transform their businesses in record time. We are excited about what Michael, Ciro & team have built to date and look forward to partnering with them going forward.”
Virtualitics, Inc. is an AI-driven data analytics company based in Pasadena, California whose patented technology is based on a decade of research at California Institute of Technology and NASA’s Jet Propulsion Laboratory (JPL). Existing investors who also participated in the financing round include Centricus and The Venture Reality Fund.
For more information, please visit www.virtualitics.com.