Voyance, a Nigerian big data company that helps businesses predict the future using machine learning (ML) combined with their data, announced that it has raised $500K in the pre-seed round.
The latest funding round was led by Beta.Ventures with participation from Zedcrest Capital, HoaQ club, as well as individual investors such as Fola Olatunji-David (the founding partner of Kickoff Africa), Chidinma Iwueke (a principal at QED Investors), Seni Sulyman (the founder of Black Ops), and Nelly Chatue-Diop (the co-founder and CEO of Ejara).
Data is the new oil
According to a Deloitte survey, the advantage of analytics to businesses includes making better decisions, improving relationships with customers and other business partners or stakeholders, and enabling key strategic initiatives.
More than half of the respondents stated that they “totally agree” that data is essential to their organisation’s strategy.
Data science company
Founded by Ebot Tabi in 2019, Voyance is a data science company that simplifies data processes for businesses.
The company aims to make data science accessible to businesses to accelerate innovation by unifying data engineering, machine learning, and business processes.
Launches flagship products
Besides funding, the company has also launched two flagship products — Manhattan DB and Sigma.
According to the company, Manhattan DB provides efficient, scalable, and fully managed data infrastructure to businesses.
Voyance says data analysts, data scientists, data engineers, machine learning engineers can use Manhattan DB.
It can be used to safely store and analyse gigabytes and petabytes of data, build machine learning models and deploy with zero operational overhead.
23% increase in online fraud
According to Feedzai Financial Crime Report, the 109% increase in online transactions in 2021 is matched by a 23% increase in online fraud.
And that’s why the company has launched Sigma. Sigma is a risk operations platform that can be used to address business problems such as transaction monitoring, compliance, and anti-money laundering.
Based out of Lagos, Beta.Ventures invest in early-stage entrepreneurs scaling tech and tech-enabled startups to become market leaders. The VC works closely with founders and teams from product idea to product launch through to the next stage of company development.
Ovo Emorhokpor, General Partner at Beta.Ventures, said: “Data has become one of the most important business assets in the modern era. Voyance is building critical infrastructure to enable small and large businesses to turn their raw data into advanced analytics and design machine learning models to make insightful business predictions”.