Dutch Analytics has raised a 2-million-euro investment led by Global Founders Capital, one of the leading venture capital (VC) firms in Europe. The funding round is also backed by the Dutch construction company BAM.
The investment comes at a time when Dutch Analytics is looking to expand its team and further develop Xenia, its platform that helps companies bring their artificial intelligence (AI) algorithms into operation and manage and monitor them throughout their lifecycle. The company will also use the money to grow its customer base in Europe and beyond.
“As the lead investor in this round, we strongly believe in the potential Xenia holds for the AI market worldwide,” says Roel Janssen, Partner at Global Founders Capital. “We see Dutch Analytics as an ambitious, young company whose international and multidisciplinary team has what it takes to make it on the global stage.”
Founded in December 2016, Dutch Analytics has grown fast and is now a team of 20, including its three co-founders. The idea behind its platform Xenia was born from the experience that many companies struggle to get their algorithms up and running. An estimated 90% of all developed AI models never make it into operation.
“Many organisations develop powerful AI models with substantial value, but they struggle to get them up and running. We see that it takes on average half a year to put an AI algorithm to work, of which only 10% will be implemented successfully. Many models therefore never materialise, resulting in unnecessary effort and a waste of resources. Data science models only add real value when they are operational and fully integrated with existing business processes,” says Yannick Maltha, CEO of Dutch Analytics.
By offering a product that tackles this problem, the company enables both small and large organizations to put their AI to use in an easy, scalable and secure manner.
With clients like BAM, Dutch Analytics has been able to demonstrate the value of utilizing an increasing number of AI models to drive their daily business decisions. Xenia has already proven its value as a backbone for AI applications like condition monitoring, object recognition and forecasting.
“AI is and will be of more and more importance for the construction and maintenance industry,” says Maarten van Raaij, Director Infra Rail at BAM. “With this investment, BAM confirms the value of Dutch Analytics for us and other companies.”
“We are very excited to have Global Founders Capital and BAM on board as investors, as both of them bring not only money to the table, but also knowledge and expertise,” says Maltha. “We are continuing our mission to make artificial intelligence accessible to our customers across borders and industries.”
About Global Founders Capital (GFC)
Over the past two decades, GFC has backed over five hundred entrepreneurs worldwide. Facebook, LinkedIn, Zalando, Lazada, Traveloka, Away Travel, HelloFresh, Eventbrite, Funding Circle, Slack, Revolut, Canva, Delivery Hero, Ace & Tate and HomeAway represent a few of their global successes. Global Founders Capital invests out of eleven offices worldwide. www.globalfounderscapital.com
Royal BAM Group is a construction company with ten operating companies, active in Construction and Property, Civil engineering, as well as in public-private partnerships. Sustainability and innovation are major drivers of BAM’s design, construction and facility management solutions. The Group has an aspiration to become the market leader in the use of digital technology to ensure that clients receive the highest possible standards of quality. www.bam.com
About Dutch Analytics
Dutch Analytics offers comprehensive software, called Xenia, which enables deployment and management of AI algorithms throughout their lifecycle. The idea behind Xenia was born from the experience that many companies struggle to get their algorithms up and running. An estimated 90% of all developed AI models never make it into operation. Many algorithms therefore never materialise, resulting in a waste of resources and missed value. Xenia is here to change that.
More information about the Xenia platform can be found on www.dutchanalytics.com
For more information on this press release, do not hesitate to get in touch with the Dutch Analytics team on [email protected]