Prevedere Raises $25 Million in Strategic Financing Funding
New funds will fuel continued revenue growth, accelerate product development, and drive scalability to enable leading enterprises to improve planning and forecasting through global data and AI.
Prevedere, the fastest-growing Intelligent Forecasting software company delivering strategic insights based on economic trends, today announced it has completed $25 million in financing. The investment is led by Norwest Venture Partners, with participation from Workday Ventures, M12, JobsOhio, Gaingels, and Latitude Ventures.
This announcement is on the heels of a record year of growth. Prevedere will use the new funds to accelerate the company’s fast-growing market adoption by enterprises looking to leverage the world’s data and artificial intelligence to improve enterprise planning and forecasting amidst unprecedented market uncertainty.
“The uncertainty and volatility of the economic climate resulting from COVID-19, inflation, and supply chain disruptions have elevated the importance of incorporating the right external factors into forecasting and planning processes,” said Rich Wagner, CEO of Prevedere. “CEOs and CFOs are seeking to understand the headwinds and tailwinds on the horizon for their markets and businesses, and Prevedere is uniquely positioned to provide these strategic insights. Our continued success speaks volumes to the market need for predictive technology solutions that inform strategic decisions in this volatile economy.”
“COVID has accelerated the need for external insights and predictive analytics to a top priority for business leaders,” said Promod Haque, Senior Managing Partner, Norwest Venture Partners. “This is evidenced by Prevedere’s broadening list of global enterprise customers. The continued enhancements to the ERIN suite of products will help these customers confidently predict and forecast throughout the constantly changing market. We are excited to continue working with Prevedere and welcome Workday Ventures as a partner on the journey.”
Prevedere also recently launched ERIN protect, an AI-based performance monitoring and alerting system, new product features to model inflationary and supply chain disruption scenarios and increased its millions of data series to include high-frequency data sets on the current pandemic.
With this new round of funding, Prevedere will continue the enhancement of its ERIN Predictive AI Platform. In addition to Protect, the ERIN suite of products include:
- ERIN Discover: Identifies the leading drivers and indicators for a specific business or market
- ERIN Predict: Systematically creates, simulates, and refines thousands of predictive models based on those indicators
- ERIN Scenario: creates ‘optimistic’ and ‘pessimistic’ predictive scenarios in addition to a baseline forecast.
“Predicting future performance is essential to a company’s decision-making and ability to stay agile,” said Mark Peek, managing director and head of Workday Ventures. “We’re choosing to invest in Prevedere, which mines massive amounts of data, identifies leading indicators, and automates the forecasting process, so that companies can uncover insights and gain a clear and competitive advantage.”