“High Impact Prescriptive Analytics” — A Unique Approach to Predictive Analytics Enables Othot to Capture Domain Expert Investors
PITTSBURGH, PA–(Marketwired – May 02, 2016) – Othot LLC (the “Company”), a leading innovator of predictive and prescriptive analytics products and platforms, today announced that it has closed $1.7 million in financing in its first outside fundraising effort. The capital will be used to expand the product offerings and marketing efforts for Othot’s cloud-based data science-driven platforms that dramatically reduce the cost and complexity of implementing predictive and prescriptive analytics.
“Othot’s founders financed the Company for the first two years of its operations but recently we set out to raise $1 million to accelerate our growth,” stated CEO Andy Hannah. “Today, I am thrilled to announce that we were oversubscribed by 70% closing the round at $1.7 million. We have a tremendous group of investors, and we are very fortunate to have a group that has extensive domain expertise. We were able to attract CEOs, senior executives, and founding members of highly successful advanced analytics and related organizations. I believe this speaks to the vision and creative approach our team is taking toward the predictive analytics space.”
Co-founder and Chief Product Officer John Abbatico explained that, “Othot is creating a laser focus on ‘High Impact Prescriptive Analytics’ for its customers. Our innovative platform deploys a cutting edge, cloud-based platform that turns customer data and external, hard-to-acquire data into actionable results that our customers can use to drive new and retain existing customers. We are not creating ‘tools’ or developing complicated data science environments; we are predicting the likelihood of customer behavior and providing prescriptive action to drive revenue in a user experience that does not require any data science knowledge or training. These new investment dollars will accelerate our product roadmap and enable us to expand our target verticals.”
Co-founder and Operations Architect Jeremy Garvey added, “We believe Othot’s approach to value creation is unique. We mix super talented people with a lean, capital efficient approach in a hyper-focused environment. More specifically, we have a blend of successful seasoned entrepreneurs who have founded, built and scaled technology companies and a cadre of young, energetic professionals who live in the next generation of software, data science, and business. Without question, our outstanding data science team, led by Dr. Mark Voortman, continues to push boundaries in developing novel solutions to solve some very difficult and ubiquitous business questions. We are believers in the talent that is available in the Pittsburgh region, as this summer we will employ ten paid interns from Carnegie Mellon University, the University of Pittsburgh and Point Park University that will help us accelerate and extend our product offerings.”
Othot expects to launch its first commercial release of its cloud-based platform solution this coming July and is already serving customers in the higher education and private/independent school verticals with predictive data services. Othot’s products enable organizations to answer High Impact Questions™ such as predicting the likelihood of a prospect becoming a customer or an existing customer to churn, and predicting the impact of a marketing program on revenue. Othot leverages its deep expertise in data science, software development, and business problem solving experience to help organizations turn predictive analytics into usable tools that provide real results.
Othot is a cloud-based people, predictive and prescriptive analytics company that is committed to taking the cost and complexity out of the implementation of predictive analytics platforms. Othot’s platforms enable their customers to harness the combined power of their data and externally-generated data to answer High Impact Questions™ (HIQ™). These HIQs are the core business-driven questions that are critical for a company to build, develop and maintain their customer base. Othot’s unique offering delivers usable, tangible results in a format that allows the user make data driven decisions to improve business results. For more information about Othot, please visit http://othot.com/.
This article was first released on Marketwired. You can read the original release here.