Smith Point Capital leads investment round to accelerate growth in strategic enterprise markets
PASADENA, Calif., August 10, 2023 – Virtualitics, Inc., an artificial intelligence and data exploration company, today announced that it has raised $37 million in a Series C financing round led by Smith Point Capital, LLC with participation from Citi and advisory clients of The Hillman Company, among other investors.
Virtualitics is revolutionizing and shaping the artificial intelligence and data exploration industry with its groundbreaking technology, Intelligent Exploration. Virtualitics’ sophisticated AI-powered analytical capabilities empower data scientists and business users to make informed strategic decisions at an accelerated pace. The Intelligent Exploration platform’s advanced AI technology allows users to make queries in natural language, explore extremely complex datasets, uncover critical insights, and generate multi-dimensional network graph visualizations. Its patented VR/AR capabilities also enable real-time collaboration across multiple users and locations.
The new investment comes at a time of rapid growth and accelerating momentum for Virtualitics, including significant growth in both its public sector and key commercial segments. Bolstering their momentum over the last 12 months, Virtualitics has successfully acquired seven new customers across the Department of Defense and increased customer acquisition in the Financial Services and CPG markets.
“We knew we wanted a strategic relationship with our lead investor, not merely capital,” said Michael Amori, CEO and co-founder of Virtualitics. “Smith Point’s operational expertise in enterprise software has been – and will continue to be – invaluable as we accelerate growth and innovation. This additional funding and strategic guidance will enable Virtualitics to realize our vision to empower organizations to solve complex, mission-critical problems with artificial intelligence, data exploration and prescriptive business workflows.”
“The advanced AI and machine learning capabilities behind the Intelligent Exploration platform are completely revolutionizing the way organizations leverage their data,” said Keith Block, CEO and co-founder of Smith Point Capital. “Virtualitics enables deeper data access through an intuitive platform, opening up entirely new methods to explore complex datasets. Michael and his team are exactly the kind of visionary leaders building the type of businesses that our firm was set up to invest in and help scale. Virtualitics is on a rapid growth trajectory and Smith Point will accelerate their financial and market success with our operational expertise and rigor.”
This announcement comes on the heels of a number of recent key milestone achievements for Virtualitics, including:
- New and expanded partnerships with industry leaders: Data cloud company Snowflake, partnered with Virtualitics to place the power of intelligent exploration into the hands of their joint customers, allowing them to use AI to identify hidden connections in their data and explore insights in immersive, rich 3D visuals directly from Snowflake’s single, integrated platform.
- Strategic investment from Citi: In May 2023, Virtualitics announced a strategic investment from the preeminent financial services institution to fund the acceleration of the expansion of its AI platform, adding more out-of-the-box machine learning and data analytics capabilities for exploring and analyzing data for financial services.
- Award-winning AI: Virtualitics was named to Fast Company’s World’s Most Innovative Companies list for 2023, alongside other global leaders such as OpenAI and Microsoft, for its world-class AI solutions and for turning data relationships into vivid 3D visuals. Additional honors received by Virtualitics include a 2023 Artificial Intelligence Excellence Award from the Business Intelligence Group, which recognizes the organizations, products and people who bring artificial intelligence to life and apply it to solve real-world problems. Virtualitics was also named one of the best Los Angeles startups to work for on Built In’s 2023 Best Places to Work List and one of three companies named to Gartner’s 2022 Cool Vendor in Analytics and Data Science report.
- Patented Technology: Led by Dr. Ciro Donalek, CTO and Co-Founder of Virtualitics, the company has recently achieved two significant patent updates. The first patent covers a proprietary 3D network graph algorithm that derives groundbreaking visualizations from tabular data. The second patent focuses on native 3D data visualization, redefining the way data is perceived and analyzed. With these additions, Virtualitics’ portfolio now boasts five patents, showcasing their leadership in the domains of 3D visualization, virtual collaboration, AI-guided exploration, and network graphs.
With this funding round, Virtualitics will continue to invest in growth and innovation to drive even greater expansion, including direct and ecosystem investments and investments to enhance its AI platform leadership by adding more machine learning and data analytics capabilities as well as self-serve prescriptive workflows to make it easy for customers to analyze and understand complex data and transform their business.
About Virtualitics
Virtualitics is pioneering Intelligent Data Exploration, delivering out-of-the-box artificial intelligence capabilities that make advanced analytics possible for more people and organizations. The Virtualitics AI Platform automatically discovers hidden patterns in complex, multi-dimensional data, delivering rich 3D visuals and immersive experiences that guide more informed decisions. Virtualitics helps public and private sector organizations gain real value from all of their data, accelerating their AI initiatives. The company’s patented technology is based on more than 10 years of research at the California Institute of Technology. For more, visit virtualitics.com.
About Smith Point Capital
Smith Point Capital was founded by leading enterprise technology operators and investors. The firm has a highly differentiated investment strategy; namely, identifying and collaborating closely with the most innovative enterprise software companies to implement proven, best-in-class revenue growth, innovation and operational strategies to dramatically accelerate financial and market success.
