Analytics Engine, Inc., the startup that launched a new analytics engine called OptimizeLY last year, said Tuesday it raised $10 million from Andreessen Horowitz, and it said it plans to open up an office in Silicon Valley.
The funding round brings its total funding to $30 million, it said in a statement.
The company will also build out a new platform that will be integrated with other existing analytics tools, said OptimizeELY Chief Executive Officer Mark Fincher in a blog post.
It will also integrate its analytics tool with the company’s own data analysis platform Optimize, which runs on the company Azure cloud, he said.
OptimizeLINX, a competitor of OptimizeLINK, a rival to OptimizeLLY, a new, standalone analytics engine that is designed to compete with the analytics engine of the same name, is also in the mix.
The company was founded in 2017.
Analytics Engine is optimized for using complex data to make sense of data, making it easier to understand the patterns of data and how they change over time, Fincheh said.
The startup is developing tools for analyzing trends in data from across industries, as well as from different locations.
OptimizeLY was developed in partnership with New Relic, which provides data analysis tools, according to Finchen.
New Relic is part of Alphabet Inc., Google Inc., Intel Corp., IBM Corp., and Verizon Communications Inc., among others.
It also owns a portfolio of companies including Twitter Inc., Instagram Inc., and Tumblr Inc.
The startup is targeting the next generation of analytics tools that will enable people to make better decisions, said Finchet.
OptimiseLY will focus on improving the accuracy of the data that companies collect about their customers, said COO Michael Giannotti.
Optimizedly has also developed analytics tools for health care and other businesses.
Finchehm said the company plans to use the money to expand into new markets, such as government, health care, insurance and other industries.
OptizeLY launched its analytics platform, OptimizeLE, last year.
Its platform combines a series of tools with data to allow companies to analyze trends in the way they measure performance.
Its analytics engine, OptimateLY, also has been used to analyze performance in a variety of industries, including transportation, healthcare, and financial services, Facchehm told reporters.
OptimizeLY, which is based in San Francisco, is a spinoff of OptimateLINK.
The new startup is led by Finchem and his wife, and the Finchey’s have been a part of the startup for two decades.
Faccheh noted that OptimizeLEY was a part-time project for a few months, and they didn’t spend a lot of time on it.
OptimateLY’s analytics platform is part-way through a three-year, $4.3 million Series A round led by Sequoia Capital.