Savant Labs (savantlabs.io), a data analytics automation platform, has raised $11 million in seed funding led by Cota Capital, a leading investor in enterprise technologies, with participation from WestWave Capital, Bloomberg Beta, Uncorrelated Ventures, Handshake Ventures, and several angel investors.
Organizations are rapidly adopting modern SaaS applications and data platforms as digital transformation matures. Businesses now have much easier access to data. However, when it comes to analyzing this data and supporting day-to-day business decisions, data analysts and business operations teams are forced to rely on complex, code-intensive tools.
According to IDC, there are 78 million advanced spreadsheet and SQL users who spend 37% of their weekly time on repetitive, error-prone data and analytic tasks. Thousands of hours are spent on manual work, which costs businesses billions of dollars in both growth and efficiency loss. This includes demand forecasting, price sensitivity analysis, and revenue leak analytics, as well as tax and accounting, marketing, and HR analytics.
The Savant founding team has extensive analytics experience from their entrepreneurial careers at companies such as Lattice Engines (acquired by D&B), Drawbridge (acquired by LinkedIn), Clearwell (acquired by Symantec), DataDomain (acquired by EMC), 3Par (IPO), and Hyperion (acquired by Oracle).
The funding will enable Savant Labs to continue scaling their teams and innovating on delivering the simplest drag-and-drop analytics automation experience for business analysts to answer questions from data captured in modern data stacks and modern SaaS applications.
