The Investors Behind Unsupervised
Unsupervised has raised a total of $53 million in funding from investors. The startup company raised $12.8 million in the Series A funding round in August 2019. The series B funding round announced in April 2021 included six investors: SignalFire, NextGen Venture Partners, Eniac Ventures, Elad Gil (an entrepreneur and investor who previously invested in Pinterest, Square, and Stripe), Coatue, and Cathy Venture. Eniac Ventures has invested in multiple successful companies like Hinge (acquired by Matchcom), Quilt (acquired by MassMutual), and Stitch (acquired by SugarCRM).
The company is using its startup capital to expand its workforce. Currently, Unsupervised is hiring across several functions, including marketing, sales, implementation, and engineering positions.
How Unsupervised AI Tech Is Different
The traditional approach to artificial intelligence (AI) technology requires extensive planning and organization. For example, AI experts generally need to organize, clean, and supervise the end result. By contrast, Unsupervised emphasizes a relatively “hands-off” or unsupervised approach to AI. As a result, the startup company may make AI accessible to more business users.
The analytics startup told VentureBeat that “customers use the platform for multiple use cases. The average customer is using the platform across three or more use cases. Some customers are supporting as many seven use cases with Unsupervised at one time.”
Business customers using Unsupervised in multiple use cases is significant because it suggests widespread adoption. Unlike niche AI providers, Unsupervised claims that their technology can be used for several types of business problems like call center operations, retail management, and health care. As a result, Unsupervised technology is less likely to be perceived as an esoteric artificial intelligence solution reserved for specialists alone.
The Founders Leading Unsupervised
A team of experienced technology executives leads the startup company. Noah Horton, CEO, and co-founder of Unsupervised, previously worked at Microsoft and has filed more than 20 patents. Horton's patents include developing analysis techniques for social network content for Oracle and data processing for Bluebird Labs.
Tyler Willis, COO and co-founder at the startup, is active as an angel investor in companies like Picks & Shovels (a company that creates tools for digital currencies and crypto-asset investors) and Envoy. Before Unsupervised, Willis provided marketing consulting to AngelList and served as the CMO (chief marketing officer) at Hired.
Who Will Unsupervised Compete Against?
Competing in the business analytics market offers rich rewards if the company can compete successfully. Allied Market Research estimates that the business analytics software market was worth $53.68 billion in 2019. Major providers include Adobe, IBM, Microsoft, SAP, Salesforce, and SAS. There are also many startup companies in the field. According to Crunchbase, there are more than 200 business analytics companies in the United States (US), including 3CLogic (a startup that has raised more than $21 million in funding) and ThoughtSpot (a startup that has raised over $500 million in funding from investors).
About the Author
Bruce Harpham is an author and marketing consultant based in Canada. His first book "Project Managers At Work" shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.