Neoway, a Brazilian company that provides analytics services to local companies announced that it has raised $45 million in funding. This round was led by QMS Capital and existing investors such as Accel, Monashees and Endeavor Capital joined in. Two notable new investors in this round were PointBreak and Pollux.
The main aim for this round of funding is that Neoway wants to expand its business outside of Brazil. In fact, it wants to bring its expertise to the U.S market as it believes there’s a lot of potential for its services here.
This company currently based in Florianopolis in Brazil specializes in collecting massive amounts of data and analyzing them to get meaningful insights that can help its customers to improve their businesses. It typically collects data from 6,000 different databases from more than 300 sources, collates them together and provides the analytics.
On the face of it, this process may seem simple, but in reality, it’s anything but simple. These 300 sources will have data stored in many different formats, so Neoway has to bring them to a common format first before any analysis can be run on it.
To give you a perspective, let’s say you’re a company that sells tour packages. To get an in-depth analysis of your customers and business operations, you need to collect data from social media sites like Facebook, Twitter, LinkedIn, Pinterest and more. Each of this information can be in the form of a comment, like, text, image, video, audio or more. You’ll have to glean all the relevant information from these different data formats and put them together to get what you want.
Neoway uses bots to crawl the web and find any information that mentions your company or is relevant to you in some way. It identifies this relevance using advanced algorithms and machine learning technologies.
Based on this data, you can better understand the preferences of your customers and create packages that’ll appeal better to them. It can even help you to create and sell custom packages to customers based on their needs. In turn, this will increase your overall revenue and profitability.
Neoway has already help many Brazilian companies such as Raizen and Shell to tap into the power of analytics. As a part of its expansion plans, it has opened an office in New York City. To top it, it has partnered with a prominent data provider called InfoGroup and so far, has collected data from 50 million companies.
In addition, it’s also running a test pilot program with a prominent financial institution and a consumer goods company.
To gain a strong foothold in the U.S market, Neoway has hired Andrew Prozes, the former CEO of LexisNexis, another company that’s known for its work in the data warehouse industry. In fact, Prozes was also a part investor in this round of funding.
Let’s join together and wish this company a lot of success in its new stint in the U.S.
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