Outlier raises $6.2 M Series A to change how companies use data

Traditionally, companies have gathered data from a variety of sources, then used spreadsheets and dashboards to try and make sense of it all. Outlier wants to change that and deliver a handful of insights right to your inbox that matter most for your job, company and industry. Today the company announced a $6.2 million Series […]

Traditionally, companies have gathered data from a variety of sources, then used spreadsheets and dashboards to try and make sense of it all. Outlier wants to change that and deliver a handful of insights right to your inbox that matter most for your job, company and industry. Today the company announced a $6.2 million Series A to further develop that vision.

The round was led by Ridge Ventures with assistance from 11.2 Capital, First Round Capital, Homebrew, Susa Ventures and SV Angel. The company has raised over $8 million.

The startup is trying to solve a difficult problem around delivering meaningful insight without requiring the customer to ask the right questions. With traditional BI tools, you get your data and you start asking questions and seeing if the data can give you some answers. Outlier wants to bring a level of intelligence and automation by pointing out insight without having to explicitly ask the right question.

Company founder and CEO Sean Byrnes says his previous company, Flurry, helped deliver mobile analytics to customers, but in his travels meeting customers in that previous iteration, he always came up against the same question: “This is great, but what should I look for in all that data?”

It was such a compelling question that after he sold Flurry in 2014 to Yahoo for more than $200 million, that question stuck in the back of his mind and he decided to start a business to solve it. He contends that the first 15 years of BI was about getting answers to basic questions about company performance, but the next 15 will be about finding a way to get the software to ask good questions based on the huge amounts of data.

Byrnes admits that when he launched, he didn’t have much sense of how to put this notion into action, and most people he approached didn’t think it was a great idea. He says he heard “No” from a fair number of investors early on because the artificial intelligence required to fuel a solution like this really wasn’t ready in 2015 when he started the company.

He says that it took four or five iterations to get to today’s product, which lets you connect to various data sources, and using artificial intelligence and machine learning delivers a list of four or five relevant questions to the user’s email inbox that points out data you might not have noticed, what he calls “shifts below the surface.” If you’re a retailer that could be changing market conditions that signal you might want to change your production goals.

Outlier email example. Photo: Outlier

The company launched in 2015. It took some time to polish the product, but today they have 14 employees and 14 customers including Jack Rogers, Celebrity Cruises and Swarovski.

This round should allow them to continuing working to grow the company. “We feel like we hit the right product-market fit because we have customers [generating] reproducible results and really changing the way people use the data,” he said.

SessionM customer loyalty data aggregator snags $23.8 M investment

SessionM announced a $23.8 million Series E investment led by Salesforce Ventures. A bushel of existing investors including Causeway Media Partners, CRV, General Atlantic, Highland Capital and Kleiner Perkins Caufield & Byers also contributed to the round. The company has now raised over $97 million. At its core, SessionM aggregates loyalty data for brands to […]

SessionM announced a $23.8 million Series E investment led by Salesforce Ventures. A bushel of existing investors including Causeway Media Partners, CRV, General Atlantic, Highland Capital and Kleiner Perkins Caufield & Byers also contributed to the round. The company has now raised over $97 million.

At its core, SessionM aggregates loyalty data for brands to help them understand their customer better, says company co-founder and CEO Lars Albright. “We are a customer data and engagement platform that helps companies build more loyal and profitable relationships with their consumers,” he explained.

Essentially that means, they are pulling data from a variety of sources and helping brands offer customers more targeted incentives, offers and product recommendations “We give [our users] a holistic view of that customer and what motivates them,” he said.

Screenshot: SessionM (cropped)

To achieve this, SessionM takes advantage of machine learning to analyze the data stream and integrates with partner platforms like Salesforce, Adobe and others. This certainly fits in with Adobe’s goal to build a customer service experience system of record and Salesforce’s acquisition of Mulesoft in March to integrate data from across an organization, all in the interest of better understanding the customer.

When it comes to using data like this, especially with the advent of GDPR in the EU in May, Albright recognizes that companies need to be more careful with data, and that it has really enhanced the sensitivity around stewardship for all data-driven businesses like his.

“We’ve been at the forefront of adopting the right product requirements and features that allow our clients and businesses to give their consumers the necessary control to be sure we’re complying with all the GDPR regulations,” he explained.

The company was not discussing valuation or revenue. Their most recent round prior to today’s announcement, was a Series D in 2016 for $35 million also led by Salesforce Ventures.

SessionM, which was founded in 2011, has around 200 employees with headquarters in downtown Boston. Customers include Coca-Cola, L’Oreal and Barney’s.