Few phrases so well summarize the importance of analytics in our modern business environment than the one coined by mathematician Clive Humby: Data is the new oil. From the largest enterprises to the earliest-stage startups, business owners must find ways to harness the data they have – and the data they need – to grow.
The problem for most companies? There is just too much data out there.
“Traditional approaches have been to implement data warehouse or data lake programs which are too slow to build, cost too much and fail to keep up with constant business demand. Front-line decision makers have trouble getting to the data they need to make a decision with this centralized approach,” Christopher Coad told Hypepotamus via email.
Coad is with the team at Coginiti, a startup looking to make data more collaborative. It is specifically building out a new approach to analytics that they call ‘Collaborative Intelligence.’
That new approach centers around five principles – focus on outcomes, empower teams, manage data as a product, enable collaboration and curate analytic results.
Coginiti’s core customers include companies of all sizes that are working in data-intensive industries like financial services, health care, insurance, retail, and government.
Making sense of vast amounts of business data is something entrepreneur Rick Hall knew very well. Throughout his career he built up analytic systems across industries, which ultimately led him down the path towards founding Coginiti.
“Five years ago, [Hall] began to realize that the way we build these systems is broken. Data volumes have exploded, and it drives value in every part of business today. Yet far too many organizations are failing to maximize the value of data in driving their organizations mission despite the massive amount of investment over the past several years,” said Coad.
The startup officially got off the ground in 2020 and raised its first round of outside capital — a $4 million seed round from Circadian Ventures – earlier this year.
It is now one of ten startups in Engage’s 10th cohort. Engage, managed by Tech Square Ventures, works to connect startups, corporations, university researchers, and the venture community.
“We’re really excited to be selected as part of Engage Cohort 10, and it came at the perfect time for us,” the team told Hypepotamus. “ In the past year we’ve made investments to build out our enterprise go-to-market team and approach. The Engage program helps us achieve our goals even faster by providing us with a way to refine and test our strategy with corporate decision makers from some of the most recognizable brands in the world. We learn something new each day in the program, and we are already seeing success.”