Pasadena Startup Raises $7 Million in Mission to Make Big Data More Useful

Published : Thursday, March 1, 2018 | 7:10 PM

Virtualitics, a Pasadena-based data analytics and visualization startup, announced the closing of a $7 million Series B round of equity funding led by Centricus, a global investment platform, and participated by existing investor the Venture Reality Fund and other private investors on Wednesday.

The investment brings Virtualitics’ total funding to over $11 million in support of its mission to make big data more useful and effective for all enterprises.

“With this funding, we will enter the next phase of Virtualitics’ development and continue to unlock the potential of big data through the power of virtual reality, augmented reality and artificial intelligence,” Virtualitics CEO and Co-Founder Michael Amori said. “We’ve started enabling some of the world’s leading companies to harness transformative insights that provide real competitive advantage for their businesses, and we will continue to onboard customers throughout the course of the year.”

Virtualitics technology is now in use at several major global Fortune 500 businesses across multiple industry sectors, including consumer goods, healthcare, energy and finance, the company said in a press release Wednesday.

Ciro Donalek, the startup’s CTO and Co-Founder, said the Virtualitics platform provides new ways of analyzing and interacting with big and complex data.

“We’ve solved for this by coupling AI with immersive environments,” Donalek said. “Moreover, business intelligence platforms need to be 3D and collaborative by design in order to help companies gain a deeper level of understanding in the stories being told by the raw data. This is how we’re approaching big data and helping evolve the next generation of data analytics and intelligence platforms.”

Centricus founders Dalinc Ariburnu and Nizar Al-Bassam led the structuring and fundraising for SoftBank’s US$93 billion global technology investment fund, the Vision Fund, the largest single fund capital raise in the asset management industry to date. They remain on the Board as advisors.

Ariburnu said their participation in Virtualitics’ Series B round complements the investment platform’s endeavors in the technology space.

“Virtualitics is a fast-growing company with an impressive team, strong technical foundation, industry-changing product and a highly applicable solution platform for a variety of sectors,” Ariburnu said. “We’re looking forward to this next stage in the company’s growth journey.”

Virtualitics’ AI-based data analytics and intelligence platform in VR/AR (virtual reality/augmented reality) is also available on desktop and mobile. The company also offers expert advisory services in advanced machine learning and customized VR/AR environments. The technology is based on a decade of research at Caltech and NASA’s Jet Propulsion Laboratory, both in Pasadena.

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