Predictive analytics and modeling firm boodleAI announced it has raised $3.5 million pre Series-A Funding, bringing its total backing to $8.7 million since it launched less than two years ago.
Osage Venture Partners led the round of funding with participation from the Nathan J. Howard Trust, advisory firm Chicago Family Office, and Riverbend Angels, a Virginia-based angel group. The new round of investment will enable boodleAI to continue developing its predictive analytics platform while accelerating efforts to expand geographically and through new partnerships.
The Tysons, Va.-based company leverages automated intelligence/machine learning to rapidly model untapped data within organizations, along with billions of third-party data points, to help organizations achieve significant lifts in conversion, engagement, and retention rates through descriptive and predictive analytics.
boodleAI recently signed its 90th paid customer since launching the platform in August 2019, serving both commercial companies and nonprofits across a variety of industries and causes. Customers have uploaded more than 2.5 million records, created more than 300 custom predictive models, and completed upward of 150 prediction projects on the platform since launch, according to the firm.
“As we emerge from our first year of sales and focus on a path forward as a ‘grow-up’ company versus a ‘start-up’ company, partnering with a firm like Osage with deep expertise in the B2B SaaS space will be essential to make sure we maximize our growth potential instead of reinventing the wheel,” Co-founder and CEO Shawn Olds said via a statement.
“boodleAI is led by a team of compelling leaders with a track record of success who have built a product that makes powerful predictive analytics accessible to business users, which is not easy to do,” Sean Dowling, partner at Osage Venture Partners, a venture capital firm based in Bala Cynwyd, Pa., also involved in boodleAI, said via a press release. With more than $200 million under management, OVP has made 60 investments in early-stage B2B software companies in the eastern United States since its inception in 2005.
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