Exclusive: Big Data Analytics startup, Affine Analytics secures angel funding
Math can be tough. Same goes for statistics. But for Manas Agarwal and his team, its bread and butter. All the number crunching and complex problems the team dealt with for the last many years, have begun to pay off.
Affine Analytics, the company he co-founded, now counts three Fortune 500 clients in its roster. On Friday, the company raised funding from an angel investor with the help of Bangalore based financial consulting firm Finaks.
Agarwal has a simple value proposition, “With high data analytics, we will help you improve your revenues and profit,” he says. It’s a pitch companies like to hear.
But what is it that they really do? The startup uses statistical techniques and mathematical models to analyse large amounts of data and come up with insights for companies.
On one such project, Vineet Kumar, one of the c0-founders and a dual degree holder from IIT- Bombay, explains that they identified 40- 50 parameters affecting sales of an e-commerce company and created a tool which could help the company improve on its rate of conversion. This meant going through a large number of transactions, inventory data and the social media and providing actionable insights.
The company has also developed a framework which can be applied to companies that want to bring down time taken go through data and come up with reports. Affine does similar work for companies in various segments like retail, banking and financial services and e-commerce.
From three people, 21 months ago, the team has grown to 40 and is now looking to expand into other verticals. Abhishek Anand, the third co-founder of Affine, manages the company’s US operations. “With the funds, we are looking to grow our sales in US and India and creating IP,” says Agarwal, CEO, Affine Analytics.
Deepak Kaushik, the CEO of Finaks Advisory Services said that the company is poised for a 2x- 3x growth in the next 18-24 months.
Predictive modeling, one of the services offered by Affine, is also gaining momentum says Gartner.
Affine is not alone in the game though. There are larger companies like Genpact and MuSigma and many others who play in the same field. Large IT services companies and consulting companies also dabble in data analytics. With the explosion of information, big data has become an important puzzle for companies to solve.
Most of the current spending is used in adapting traditional solutions to the big data demands — machine data, social data, widely varied data, unpredictable velocity, and so on — and only $4.3 billion in software sales will be driven directly by demands for new big data functionality in 2012.
Market opportunity in Big data solutions in India is expected to reach $ 153 million by 2014, says a study by IDC. Much of this spending will go in hardware and storage solutions. Nearly 40% of organizations in verticals like BFSI, Media & Entertainment, Telecommunications, and Government have more than 100 TB data currently.