New funds will fuel continued revenue growth, accelerate product development, and drive scalability to enable leading enterprises to improve planning and forecasting through global data and AI.
January 4, 2022, Sunnyvale, Calif. – Prevedere, the fastest-growing Intelligent Forecasting software company delivering strategic insights based on economic trends, today announced it has completed $25 million in financing. The investment is led by Norwest Venture Partners, with participation from Workday Ventures, M12, JobsOhio, Gaingels, and Latitude Ventures.
This announcement is on the heels of a record year of growth. Prevedere will use the new funds to accelerate the company’s fast-growing market adoption by enterprises looking to leverage the world’s data and artificial intelligence to improve enterprise planning and forecasting amidst unprecedented market uncertainty.
“The uncertainty and volatility of the economic climate resulting from COVID-19, inflation, and supply chain disruptions have elevated the importance of incorporating the right external factors into forecasting and planning processes,” said Rich Wagner, CEO of Prevedere. “CEOs and CFOs are seeking to understand the headwinds and tailwinds on the horizon for their markets and businesses, and Prevedere is uniquely positioned to provide these strategic insights. Our continued success speaks volumes to the market need for predictive technology solutions that inform strategic decisions in this volatile economy.”
“COVID has accelerated the need for external insights and predictive analytics to a top priority for business leaders,” said Promod Haque, Senior Managing Partner, Norwest Venture Partners. “This is evidenced by Prevedere’s broadening list of global enterprise customers. The continued enhancements to the Prevedere suite of products will help these customers confidently predict and forecast throughout the constantly changing market. We are excited to continue working with Prevedere and welcome Workday Ventures as a partner on the journey.”
Prevedere also recently launched Prevedere protect, an AI-based performance monitoring and alerting system, new product features to model inflationary and supply chain disruption scenarios and increased its millions of data series to include high-frequency data sets on the current pandemic.
With this new round of funding, Prevedere will continue the enhancement of its Prevedere Predictive AI Platform. In addition to Protect, the Prevedere suite of products include:
- Prevedere Discover: Identifies the leading drivers and indicators for a specific business or market
- Prevedere Predict: Systematically creates, simulates, and refines thousands of predictive models based on those indicators
- Prevedere Scenario: creates ‘optimistic’ and ‘pessimistic’ predictive scenarios in addition to a baseline forecast.
“Predicting future performance is essential to a company’s decision-making and ability to stay agile,” said Mark Peek, managing director and head of Workday Ventures. “We’re choosing to invest in Prevedere, which mines massive amounts of data, identifies leading indicators, and automates the forecasting process, so that companies can uncover insights and gain a clear and competitive advantage.”
To learn more, visit https://prevedere.com.
Prevedere is the world’s leading provider of predictive analytics technology and solutions based on econometric modeling, enabling intelligent enterprises to understand and quantify the impact of external factors as part of their strategic planning and forecasting. Our global data repository and patented AI platform enable financial executives and operational planners to identify market drivers, quantify the future impact of economic volatility, generate performance forecasts, and optimize plans based on market foresight.
Prevedere’s automated AI model monitoring provides an early warning system when unplanned market shifts and anomalies are predicted, enabling planners to future-proof business performance. Many of the world’s leading consumer packaged goods, retail, logistics, and manufacturing companies leverage Prevedere to generate economic intelligence, spot market opportunities, mitigate risks, and deliver exclusive competitive advantage. To learn more, visit https://prevedere.com.
About Norwest Venture Partners
Norwest is a leading venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 200 companies in its venture and growth equity portfolio. The firm invests in early to late-stage businesses across a wide range of sectors with a focus on consumer, enterprise, and healthcare. The Norwest team offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit http://www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About Workday Ventures
Workday Ventures is the strategic investment arm of Workday, Inc., focused on accelerating the growth of emerging enterprise software companies that enhance the Workday customer experience and are complementary to Workday products and services. The $250 million fund was launched in February 2018 with investments in areas including employee engagement and talent acquisition, integration and robotic process automation, strategic sourcing and spend analytics, and financial management.