Humans produce 2.5 quintillion bytes of data each day. By 2025, this figure is expected to increase to 463 exabytes. Business applications are responsible for much of this data and the conversation has shifted from enterprise data collection to how best to efficiently process this vast pool of data. Virtualitics is a data analytics and 3D visualization platform that helps businesses make sense of this data and offers easy-to-digest visual and actionable insights. The Pasadena-based startup has concentrated its efforts on serving the defense industry with its technology but with this funding, Virtualitics plans to expand its commercial offering to servicing the healthcare, finance, industrial IoT, and motorsports markets as a part of its plans to develop a broader customer base.
LA TechWatch caught up with CEO and Cofounder Michael Amori to learn more about the core technology that fuses analytics and visualization, the company’s future plans, and latest round of funding, which brings the total funding raised to $29.4M.
Who were your investors and how much did you raise?
We raised $18 million in a Series B round led by North Sound Ventures.
Our platform provides AI-driven data analytics and 3D visualizations that enable anyone, at the click of a button, to discover and communicate actionable insights from complex data faster than with traditional data analytics tools.
Our flagship product is Virtualitics Immersive Platform™ (VIP) and uses AI to quickly identify key insights in the data, while immersive visualization provides a unique way to represent the data and explain AI findings through desktop or coupled with VR to offer more powerful visualizations and a unique collaboration tool. Our software can be seamlessly integrated in client infrastructures with easy-to-use embedded ML routines to help users quickly find key insights and unlock the power of high-dimensional visualizations in real-time collaboration through the Shared Virtual Office™ (SVO), where users can share their analysis and build immersive dashboards.
What inspired the start of Virtualitics?
Virtualitics started in 2016 as a spin-off from Caltech, where the founders had been working on AI and advanced visualization for over 10 years, applied to many scientific projects. They noticed then the lack of an intuitive, easy-to-use, commercial analytics platform that would allow non-technical users in different organizations to harness the power of AI for their day-to-day work.
How is it different?
Our patented technology is based on a decade of research at Caltech and NASA JPL, and augments traditional analytics tools with AI-driven 3D visualizations that allows users to intuitively find and share data insights. No other market solution combines AI and 3D in a way that anyone can easily explore and collaborate on data seamlessly.
What market you are targeting and how big is it?
While we’ve already engaged and have a track record of success with the U.S. Department of Defense, with this funding we will be further expanding our footprint in the defense industry as well as into new markets, including healthcare, finance, industrial IOT, motorsports, and more.
What’s your business model?
We offer a SaaS model for licensing our solutions.
How has the business impacted by COVID-19?
Similar to many software companies, we’ve been fully remote for over a year and have been impressed by how well our team has been able to adapt. This also gave us the chance to hire some great people across the country in fully remote roles, which we would not have embraced in the past. We look forward to returning to the office in a hybrid environment.
What was the funding process like?
We had multiple term sheets and went through a very detailed two-way due diligence process. Ultimately, we chose the investors based on their track record, amount of experience in scaling businesses, and the type of close partnership they are bringing.
What are the biggest challenges that you faced while raising capital?
We didn’t want the fundraise to distract from the day-to-day progress of building a great company.
What factors about your business led your investors to write the check?
The main factors were the quality of our team, our differentiated technology, and the rapid growth of our business.
What are the milestones you plan to achieve in the next six months?
We continue to invest in our product and make continuous improvements based on client feedback. We’re excited to grow our team and expand our markets.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
Keeping a long runway is critical to improving your chances of success. It’s a careful balancing act which forces you to assess and prioritize your opportunities.
Where do you see the company going now over the near term?
We’re going to continue adding value to our customers and investing in our people! The work we do has a meaningful impact on organizations, and our primary focus is to enable better data-driven decisions. We’re also proud of the inclusive and rewarding work culture we’ve developed, and growing our Virtualitics family.
What is your favorite restaurant in LA?
Settebello Pizzeria Napoletana in Pasadena.