Data analytics company Explorium, cofounded by a trio of Israeli entrepreneurs, two of whom have experience in military intelligence, announced today that it has raised $31 million in a Series B round. Existing investor Zeev Ventures led the round joined by Adam Bain, Twitter’s former COO and Partner at 01 Advisors, and Sir Ronald Cohen’s Dynamic Loop, with the participation of seed investors Emerge and F2 Capital.

“The biggest challenge that we see in the field in the next decade will not be how to build those sophisticated algorithms or how to use those beautiful dashboards, but rather what is the right data to feed into those analytical processes,” Maor Shlomo, cofounder and CEO of Explorium, says. 

Explorium is connected to worldwide sources and it allows customers to ask predictive questions like trying to figure out sales for next month, better moderate risk or predict prices of real estate. 

According to Shlomo these are challenges because of humans’ inherent limitations in regard to their ability to explore a variety of opportunities for data sources or pieces of information. 

“Explorium is solving this problem of discovering, finding and distilling what are those right data sources across the globe,” Shlomo says. “Whether open data, public data, premium sources, APIs and all pieces of information that can help customers solve their business problems.” 

An example of a company using Explorium would be a retailer that wants to focus on sales in the upcoming months. There are many factors, especially now with the pandemic, that might impact the company’s sales, which would make it hard for people to explore all these variables (shelter in place, weather conditions, competitors’s strategies). Explorium allows customers to define the predictive questions and automatically discover whether those data sources can help them improve those models and get better insights.

Explorium’s platform EXPLORIUM

According to Shlomo, Explorium helps companies organize the data they need, in a similar sense to how search engines made it easier for people to use the Internet. 

“The Internet used to be a lot of websites nobody knew how to find the right answers, then came search engines which now allow us to type in a question and enjoy the snippets of information,” Shlomo says. “We are applying the same thing for the world of data.”

The way Explorium generates revenue is by selling licenses, like a SaaS company. Since September of last year, the company has tripled the number of customers, which today include enterprises like small-business lender OnDeck, small business banking provider BlueVine and online eyewear retailer GlassesUSA.

Shlomo and COO Omer Har knew each other since their days at the Israel Defense Forces where Shlomo was a head of data mining platform for the elite 8200 unit, while Tamir was an intelligence officer commanding a research and analysis team. The two teamed up with CTO Omer Har who was a widely known data science expert in Israel, and launched the platform after about a year of working on developing the technology.

The company currently has offices in San Mateo and Tel Aviv, and employs 87 people full-time. Explorium had previously raised a $3.6 million seed round in 2018, and a $15.5 million Series A last year. With the latest $31 million Series B round, the total amount invested in the company has grown to just over $50 million.