By the nature of being online, digital companies have troves of data to access — whether it’s customer interactions, site or app traffic, usage data and so on. What companies do with this data is up to this company, and that’s where data science comes in.
Data science allows companies to take their information, analyze it and then take informed steps to run their business. Data science companies provide the tools for other companies to leverage their data, and although the field is somewhat crowded, it’s because this practice is so valuable.
Now, yet another data science company is proving its worth. San Francisco-based Mode Analytics recently announced that it raised $33 million in its Series D funding round. H.I.G. Growth Partners led the round, with participation from Valor Equity Partners, Foundation Capital, REV Venture Partners and Switch Ventures. Mode Analytics has raised $83 million in funding since its inception in 2013.
Mode has created a platform that allows people to visualize and analyze their data, and collaborate on data-driven projects. The platform can parse data using SQL, Python or R in order to create queries, so data scientists can decide which programs they’re most comfortable using. This allows the platform to deliver personalized analytics depending on whatever the customer is looking to get out of it.
“Traditional business intelligence can show what’s happening, but not why,” Mode CEO and co-founder Derek Steer said in a statement. “Even at companies with huge investments in self-serve [business intelligence], people constantly ask the data team follow-up questions. Making the data team more effective, and making the collaboration between the two groups work flawlessly, is the unmet need that Mode has filled. In doing so, we have laid the foundation for the future corporate knowledge base.”
This new funding will help the company expand upon its platform to better serve its customers’ needs. The company says that it’s used by 52 percent of Fortune 500 companies including Shopify, Lyft, Twitch, Zillow and more.
