Pasadena-based data analytics software company Virtualitics Inc. announced April 14 that it had raised $18 million in a Series B funding round led by North Sound Ventures.
The company said that the new funding would enable it to bring on new employees and build out its product, while expanding its customer base within both the defense sector and in a wide array of commercial markets.
Founded in 2016, the company uses artificial intelligence, virtual reality and augmented reality technology to process and visualize data sets and to offer predictive analytics. According to Virtualitics, this allows business customers that use its software to gather and communicate insights faster than they might otherwise be able to using traditional data analytics software.
“Our mission is to enable smarter data-driven decisions through our technology, combining simple-to-use AI and 3D data visualization,” co-founder and Chief Executive Michael Amori said in a statement.
Amori said the company’s latest funding round would allow Virtualitics to “further improve and differentiate" its software from that of competitors, while building “go-to-market resources for key commercial markets.”
The company said that its product is already widely used by the Department of Defense and its contractors, but that the software also has applications in the health care, finance and internet of things industries.
Virtualitics has now raised a total of $38 million, according to PitchBook Data Inc. As part of its latest round of investment, Virtualitics said that North Sound chief investment officer Brian Miller will join the company’s board as it turns its focus to the enterprise software market.
“With the rapid acceleration in both the amount and complexity of enterprise data, we believe the Virtualitics software stack is uniquely positioned to help customers realize key insights and transform their businesses in record time,” Miller said in a statement.