The Heidelberg-based tech startup paretos just raised €3.4 million to make analysis processes for companies as easily accessible and integrable as an email program. The fresh capital was injected mainly by B2B tech investor LEA Ventures.
paretos was founded in mid-2020 by Fabian Rang and Thorsten Heilig with the mission to provide data science to go. Using the latest machine learning methods, the Heidelberg-based startup supports companies to exploit business and marketing potential in the best possible way without having to rely on data science expertize.
Since its launch in early 2021, successful medium-sized companies and multinational publicly-listed corporations, such as Accenture, have begun relying on the paretos platform. The goal of the founding team is to become the number one in Prediction & Optimization as a service for global corporations, innovative SMEs and fast growing start-ups.
With the help of an AI-based software as a service tool, innovative SMEs, dynamic startups and large corporations can carry out extensive data analyses without prior knowledge or the expertise of data science specialists.
Nils Seele of LEA Partners stated: “For most companies, AI is still an abstract concept. It often takes a lot of time and expert knowledge to introduce solutions but we were very impressed by the customer feedback and how easy it is to deploy Paretos: a no-brainer for customer. We are excited to be part of the data science democratization. Together with a strong angel consortium, we want to support Thorsten and Fabian in their vision to become the number one in Prediction & Optimisation as a service.”
Based on existing company data, paretos analyzes optimization potentials and visualizes correlations in a user-friendly dashboard, so that everyone can obtain in-depth insights even without data expertize. Thanks to a modern user interface, all information can be managed quickly and easily and the automated optimization approach identifies completely new solutions faster and more efficiently than familiar analysis tools or manually calculated scenarios. This not only saves company time,
Paretos co-founder and CEO Thorsten Heilig commented: “With our innovative approach, we want to enable teams and organizations to independently manage dynamic and complex problems. Our goal is to democratize the entire data science process so that every company can evaluate its data as easily as possible and make strategically targeted business decisions.”