London-based no-code startup Actable AI has raised $1.2m in a pre-seed funding round led by venture capital firm Begin Capital.
Charlotte Street Capital, Malta Enterprise, and some angel investors from the UK, the US and Singapore also participated. The startup will use the fresh funds to launch its solution and gain more customers.
Founded in 2020 by Armen Poghosyan and Trung Huynh, Actable AI has developed a platform that aims to make data analytics more accessible.
The startup uses no-code development – a process where users can program using graphical user interfaces instead of coding – to analyse spreadsheets.
It means users without previous programming skills or advanced knowledge of machine learning or statistics can analyse their data directly in Google Sheets and Excel with AI-based analytics.
The company also plans to release its Google Sheets Add-on, Excel Plugin and several other plugins this year.
“We are really excited about this funding as it will allow us to continue to grow and bring advanced analytics to companies all around the world. It will also help us democratise the data science market, making it easier for SMEs and business professionals to use their data to tackle real-world issues,” said Dr Armen Poghosyan, CEO and co-founder of Actable.
He added: “These can range from understanding how the shift to a new flexible work impacts purchasing behaviour, to estimating effectiveness of an online advertising in increasing sales, and many other real-life issues facing businesses and society today.”
The startup says it sees a gap in the market between the one billion spreadsheet users compared to just over five million data scientists.
Actable said its platform can help users analyse their data with eight different AI-based analytics. These are: causal inference, time series forecasting, sentiment analysis, segmentation, regression, classification, data cleaning, and correlation analysis.
Recently, the startup also announced a web app that can handle datasets that are too large for spreadsheets.
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