Savant Labs, a cutting-edge player in the technology domain, launched an automated platform aimed at business analysts in 2023. The company secured an impressive $18.5 million in a Series A round that had Dell Technologies Capital at the helm.
Savant Labs stands out from the crowd, focusing on business analysts who traditionally spend a lot of time handling spreadsheets. One of the platform’s selling points is its user-friendly approach that simplifies workflows and automation using a no-code graphical user interface.
The man behind this innovation is Chitrang Shah, Savant’s CEO, who formerly contributed to machine learning models at Lattice Engines. The brainchild of his extensive experience, Savant Labs builds on the groundwork laid at Lattice but widens the target market beyond sales and marketing territories. Shah points a spotlight on the worrying disconnect in the supply and demand of analytics that Savant Labs aims to bridge.
While automation tools on the market predominantly benefit data engineers, most businesses face a dearth of such professionals, causing an operational bottleneck. This gap signifies an open market that Alteryx and similar companies have been catering to, but Shah believes their phase is slowing down, leaving the field open for newcomers like Savant Labs.
Savant enables users to employ regular Excel formulas for data manipulation. The platform’s bot can also be of assistance in formulating these formulas. A wide range of data sources can be connected to it, and it hosts centralized data access along with a variety of security protection systems.
Currently, Savant Labs aims at large-scale businesses employing over 1,000 people and boasts of Fortune 500 companies as clientele. However, the future includes plans of extending their services to small and medium businesses, ensuring a broader reach.
In Shah’s words, analytics cannot remain confined to technically-savvy users. He emphasizes taking it to a wider user spectrum, but under a central governance framework. With a grand total of $29.5 million in funds raised, Savant is on an exciting trajectory.
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