Anodot Raises $35M in Series C Funding to Drive Autonomous Business Monitoring
Intel Capital leads investment to support go-to-market activities and global expansion of Israeli startup
Israeli startup Anodot Ltd. announced on Thursday that it has raised $35 million in Series C funding, bringing the company’s total funding to $62.5 million. Intel Capital led the round with participation from SoftBank Ventures Asia, Samsung NEXT and La Maison.
The capital will be used to support Anodot’s go-to-market activities, including expanding into new verticals, such as banking and financial services, as well as increasing hiring across its global team. Anodot, which leverages unsupervised machine learning to monitor an organization’s business metrics and proactively alert on potential issues, was established in 2014 by entrepreneurs David Drai, who serves as the CEO, CFO Ira Cohen and Shay Lang, vice president of research and development.
"We began raising money before the start of the pandemic and the capital continued to increase, partly due to the fact that SoftBank Ventures Asia chose to increase its investment," Drai told Calcalist. "There are investors who understand that the current problem is only temporary and that life will continue. We like to work with investors who think like us."
Drai explained how Anodot is tackling the challenges presented by the coronavirus (Covid-19) pandemic, which has included measures such as cutting employees' salaries. "The entire company was working from home even before the government’s restrictions. We won't rush back to the office and I'm not sure Israel's exit strategy is correct,” he said. “We have a two-pronged approach: defensive and offensive. On the defensive side, we are being very cautious with our expenses and slowing down our recruitment rate. On the offensive side, we are developing new services that are very intriguing at this time, like reducing the cost of cloud or marketing services. We will recruit only where we know it will directly result in income, like salespeople in Asia."
Investment Director Roi Bar-Kat led the investment for Intel Capital and will join Anodot's board of directors.
"We strongly believe Anodot, with its machine-learning monitoring solution, is in the position to help organizations save and optimize business costs. Intel Capital has been following Anodot closely and we are excited to see the continued progress of its platform," said Anthony Lin, vice president, and senior managing director of Intel Capital. "Changing market dynamics are going to force companies to become more efficient, and Anodot’s proven ROI model and impressive
traction across its enterprise customer base is a game-changer."