- PredictHQ announced it has raised $22 million in Series B funding led by Sutter Hill Ventures
PredictHQ announced it has raised $22 million in Series B funding led by Sutter Hill Ventures. And existing investors Lightspeed Venture Partners, Aspect Ventures, and Rampersand VC also joined the round to accelerate its growth.
PredictHQ is known for empowering major organizations like Accenture, Booking.com, Domino’s, goPuff, Legion Technologies, Qantas, Sonder, and Uber to accurately predict fluctuations in demand for their products and services. And by providing businesses with intelligence on upcoming concerts, sporting events, conferences, holidays, weather alerts, etc., PredictHQ enables these businesses to better understand the impact on commerce through a global events API.
Every 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 due to its dynamic nature. And this leads to a reliance on incomplete historical data that lacks context thus leaving companies underprepared or unable to meet their customers’ needs.
This round of funding will be used for scaling the team along with product development, including an upcoming release of the company’s correlation and prediction engine — which will be able to turn months of time series modeling into minutes of work for data scientists.
“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.”
PredictHQ aggregates and verifies over 2 billion data points to enrich nearly 25 million events across 30,000 cities worldwide. The technology gives businesses a leg up on the competition by allowing them to identify which future events will drive demand. And 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,” added 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 PredictHQ reporting its largest fiscal quarter yet in Q4 2019, bringing the total revenue growth for the year to 125% more revenue than the previous year.
“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,” explained 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.”
