Nugit: Singapore Startup Raises $5.2 Million for AI-Powered Marketing Analytics Platform
Nugit, a Singapore-based startup focused on marketing, has raised $5.2 million in fresh funding from Sequoia Capital’s India fund. The company, founded by Australian marketing executive David Sanderson, provides a platform that sits between its clients and their data platforms, such as Facebook Ad Manager, Google AdWords, and DoubleClick. Nugit helps marketers make sense of the overwhelming amount of data they collect by automating many of the processes involved in data cleaning, alignment, and analysis. The platform then delivers “decision-ready reports” in the form of PowerPoint presentations, graphics, and other visualizations.
Sanderson, who previously worked at GroupM and other ad agencies, realized that computers could go beyond automating data processes and provide insights that are difficult or time-consuming for humans to uncover. Nugit’s AI technology helps marketers quickly identify trends, patterns, and opportunities within their data, enabling them to make more informed decisions.
The company boasts a client base that includes Facebook, Johnson & Johnson, and Publicis. Nugit’s pricing model is based on a subscription with tiers based on the number of seats and data sources. The subscription starts at 500andcangoupto2,000 for larger partners. The company also offers customized options for organizations with specific integration needs or those seeking white-labelled products.
Nugit initially focused on marketing agencies but is now expanding its reach to businesses across various industries that deal with large datasets. The company has recently seen interest from finance companies seeking to apply its technology to financial data.
With the new funding, Nugit plans to invest in research and development to further enhance its AI capabilities. The company also aims to expand into new industries and markets. Sanderson anticipates doubling the workforce by the end of next year, while maintaining a focus on clients in Asia and those with global operations.
The Nugit deal marks Sequoia Capital’s second investment in an AI startup in Asia in recent months. In August, the firm backed Mad Street Den, an India/U.S. company that develops services for e-commerce. ViSenze, another Singapore-based startup working on AI tech, secured $10.5 million in funding led by Japanese e-commerce giant Rakuten last month.
