Adding a play button to BI!
In 2018, MachEye’s founder and CEO Ramesh Panuganty was inspired to create a better data experience as he struggled with complex and time-consuming ways of finding insights on enterprise data. The founder wanted to enable every business user to converse with data and find intelligence in a self-service way, while also freeing up analyst resources to work on important problems instead of manual data collection. Hence, he built MachEye as a self-service analytics company and a personal business companion for every business user and all of their data.
“99% of data is never used or analyzed because traditional business intelligence (BI) is static, complex, and not personalized,” opines Ramesh. He adds, “The traditional BI relay race requires non-technical users to submit questions to analysts and wait days or weeks for them to create a report.” When these reports are used, there are often additional questions from the users, resulting in a never-ending report creation cycle.
With MachEye, enterprises have access to a single, integrated platform that delivers insights as interactive audio-visuals, combined with natural search and click-less intelligence. It is built for the cloud with AI as an architecture and discovers secure and governed business insights without limits.
MachEye is industry agnostic with clients in varied industries such as healthcare, insurance, retail, and education. Companies use MachEye in various functions such as sales, marketing, supply chain, and finance, as it democratizes access to data wherever it exists.
The Growth Story
In 2018, MachEye raised a $4.6 million seed round led by Canaan Partners with participation from WestWave Capital. After one year of stealth development with a small group of passionate engineers, it acquired its first customers. Since then, the company’s team has grown by three times and it has gained many new clients. It has added unique features like the Data Quality Index to ensure the quality and accuracy of insights.
In May 2020, it was named a Gartner Cool Vendor, acknowledging its disruptiveness and sophisticated technology. “During COVID-19 we tested new use cases such as measuring student engagement during virtual learning,” adds Ramesh.
Highlighting a challenge, Ramesh says, “Many BI leaders believe their data must be manually cleaned before they can begin analytics efforts.” MachEye overcomes this with its “low-prep, no-prep” deployment approach. Here, it uses AI and ML to automate data discovery and data preparation steps so that organizations can get functional in a few weeks. “We gets users up and running faster and at a lower total cost of ownership (TCO) than any other BI solution,” says Ramesh commenting on MachEye’s unique business proposition.
The company connects directly to data sources with no data duplication, identifies entity relationships with a built-in data catalogue, and provides a data governance front-end for administrators. It also empowers users to interact with data and find insights independently and naturally by combining natural search, AI recommendations, and interactive audio-visual data stories in a cloud deployment model.
New business development
MachEye has recently partnered with organizations including Amazon AWS, Microsoft, Google, Teradata, Snowflake, Databricks, Deloitte, ePlus, and REI. It has native connectors to 10 different data warehouses, both cloud and on-premises, and its flexibility and scalability are large advantages. Any business user can sign up for a free 15-day trial directly from the MachEye website and connect their own data.
Commenting about Analytics Genie (AG), Ramesh says, “It is a trusted resource for BI leaders looking for analytics innovations. We’re confident that MachEye’s technology is something unique that many clients have never seen before, and that we can improve clients’ current BI process. We would love to work together with AG to help clients find the best fit for their needs and build capabilities for the new digital world.”
The company is aiming for wide adoption of the platform to transform the current BI paradigm. Ramesh says, “MachEye’s technology is ahead of the curve for analytics trends such as the convergence of AI & BI, death of the dashboard, and natural language search & processing.” The company’s SaaS model is simple for anyone to sign up, trial, and deploy. It is offering the product on the cloud and for all cloud platforms at a very low price point. There is no minimum license threshold so customers have very low barriers to adoption. On a parting note, Ramesh says, “Our goal is to be the personal business companion for every enterprise organization.”
Blurb: Funded by Canaan Partners, MachEye is a self-service analytics company built on a simple SaaS model. It transforms complex BI processes into fun and intuitive data experiences that help every business user consume insights and make decisions. Its complete platform offers intelligent search, actionable recommendations, and interactive stories to fulfill all analytics needs as the personal business companion for every enterprise organization.