Quid Lands $37.5 Million Round Led by Lexis Nexis Parent

Data insights and visualization startup Quid has been putting AI and machine learning to work since it was founded in 2010. Today, the California-based company landed a generous amount of funding to continue that work.

The $37.5 million round was led by REV Ventures, the investment arm of Lexis Nexis, and bumps Quid’s total funding up to just over $108 million. Also participating in the round are Julian Roberson, Henry Kravis, Lixil Group, Artis Ventures, Salesforce Ventures, and Peter Thiel’s Founders Fund. In addition to the investment, Quid also took out $8 million in debt; its valuation remains undisclosed.

Quid told Bloomberg that the fundraising process for this round began over a year and a half ago. The company’s founder, Bob Goodson, decided to keep the round open to other investors and ended up receiving buy-in from REV Ventures, among others, to buoy the round up to the current amount. In a discussion with Bloomberg, one of REV Ventures’ founding partners, Kevin Brown, commented on the problem Quid is working to solve. “There’s an explosion of unstructured data and no one knows how to handle it,” Brown said.

At FinovateSpring 2016, Quid won Best of Show honors for its demo of Opus, a product that enables users to upload their own data into Quid and receive an interactive, visual map to help interpret raw data from earnings reports, earnings call transcripts, customer feedback, or any other text-based dataset. The company also offers solutions for consulting, healthcare, and marketing sectors, that provide insights on competitive intelligence, brand perception, and market landscape. Among its clients are Cisco, IBM, KPMG, UBS, and Visa.

While powerful, Quid’s software isn’t cheap. The company, which brought in $28 million in sales over the past year, charges $25,000 per user per year. Among Quid’s accomplishments in the past year are assisting the Wall Street Journal in spoting fraudulent entries on FCC’s website during net neutrality debate and helping Walmart build the American Family Today report.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Six Alums Earn a Spot on on CNBC’s Disruptor 50 List

CNBC released its 2017 collection of 50 disruptive tech companies today. The fifth annual list names private companies “whose innovations are changing the world” and meet additional criteria according to CNBC’s methodology.

The list, which boasts 31 unicorns, includes household names such as Airbnb, Uber, and SpaceX. The 50 companies have an aggregate market valuation of $239 billion, and almost 20% of the list consists of fintech companies, six of which are Finovate and/or FinDEVr alums.

Trulioo
Identity verification specialist for AML/ KYC compliance
Rank: 37
Launched: 2011
Funding: $23.3 million
Showcased GlobalGateway at FinovateFall 2016

Payoneer
Global mass payout service platform
Rank: 40
Launched: 2005
Funding: $234 million
Debuted the Payoneer Commercial Account at FinovateAsia 2013

SoFi
A unique, online lending company that prides itself on social finance
Rank: 45
Launched: 2011
Funding: $1.9 billion
Presented its use of Quovo’s authentication API at FinDEVr New York 2017

Persado
Automated marketing messaging company
Rank: 48
Launched: 2012
Funding: $66 million
Debuted PersadoGo at FinovateEurope 2016

Quid
Offers unstructured data analysis
Rank: 50
Launched: 2010
Funding: $56.2 million
Demoed Opus at FinovateSpring 2016

Quid Unveils New Data Visualization Solution, Opus

quid_homepage_december2016

San Francisco data-visualization specialist—a Finovate Best of Show winnerQuid has launched a new solution to help make big data a little easier to manage. Opus, introduced this week, enables anyone to turn text-based data into colorful visualizations that make it simpler to spot patterns and relationships among ideas, themes, and concepts.

With Opus, organizations can take a wide variety of unstructured data, from online forums and survey responses to corporate filings and call center transcripts, and turn it into what Quid calls “interactive visual maps.” These maps make patterns in data easier to discern, enabling deeper insights and faster decision-making. The technology, which leverages big data, natural language processing, and network science, is available for free for Quid customers.

quid_visualization

“Imagine seeing, at scale, everything your customers, prospects, competitors, and employees are talking about,” a video introduction to the technology intoned, before delving into a sample case study using Opus to analyze more than 300 reviews of a Nissan car dealership. In addition to spotting patterns in comments related to topics like “salespeople” or “cleanliness,” Opus uses a sentiment layer to reveal emotional attitudes expressed in the language of the reviews. All data uploaded to Opus for analysis is stored securely and is only available to the client. Quid will host a free webinar about using Opus on Tuesday, 13 December.

Founded in 2010 and based in San Francisco, Quid demonstrated Opus at FinovateSpring 2016, earning a Best of Show award. The company has raised $66 million in funding after a successfully completed, $39 million Series D round in the spring of 2015. This summer, Quid opened its first international office in London as part of the company’s effort to attract European clients and take advantage of the growing London fintech scene.