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Company: Explorium
Nomination Submitted by: Firebrand Communications
Company Description: Explorium provides the first External Data Platform to improve Analytics and Machine Learning. Explorium enables organizations to automatically discover and use thousands of relevant data signals to improve predictions and ML model performance.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Tech Startup of the Year- Services
 Nomination Title: Explorium
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2020, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 200 words used.
Explorium is the first External Data Cloud that connects organizations with external (third-party) data and guides them to data they need to make better predictions. Businesses have an insatiable appetite for data to predict credit risk, identifying right customers, buying behavior and more. But until Explorium, they had no easy way to acquire it — no way to guarantee the data they were getting was reliable or compliant. Worst of all, they had no way to know what data they should be using. Explorium curates hundreds of premium and public external data sources and combines them into a harmonized data model. It validates and checks them for regulatory compliance and distils them into thousands of signals in categories including company data (e.g. financials), people data (e.g. spending patterns, geospatial data (e.g. demographics) and real-time data (web traffic).
Explorium improves customers’ predictive model performance and finds the right third-party data signals to boost their power. For customers, this means no more manual trial and error, no more wondering whether they have the best data. With faster, better insights from their models, organizations across fintech, insurance, consumer goods, retail and e-commerce can increase revenue, streamline operations and reduce risks.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2020 that you wish to bring to the judges' attention (up to 250 words):
Total 148 words used.
In 2021, Explorium launched Explorium introduced Signal Studio to enable data and business analyst teams to quickly find and integrate the most relevant external data signals to their analytics pipelines. It automated the data acquisition process, dramatically reducing costs and ensuring businesses invest in datasets with optimal accuracy and compliance.
Additionally, Explorium launched Explorium Starters which instantly generates a targeted dataset that can be used to kick off machine learning, analytics projects or sales and marketing campaigns. The launch came at a time when access to external data had become increasingly important — and challenging. Organizations typically have to sort through hundreds of datasets, without any way of knowing their relevance and value until the models are in production. This months-long process is resource-heavy, expensive and completely disconnected from analytical programs. With Explorium Starters, small and medium-sized businesses can pilot a new analytics program in an inexpensive sandbox.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 249 words used.
The pandemic made decades-old credit, fraud, and risk models useless in an instant, when the data behind them went obsolete. This experience was not a one-off. There is a growing recognition that rapid change is the new normal: whether it takes the form of changing economic conditions, or the economic and social impacts of climate change. In rapidly changing environments, the only to make accurate predictions is with streams of external data, constantly updated to reflect the latest conditions. Explorium's first product, ML Engine, did this job beautifully for data scientists by offering automated ML, data augmentation, data discovery and feature generation.
Signal Studio puts this same power in the hands of business and marketing analysts, while Explorium Starters gets businesses up and running with ML and analytics fast than possibly thought. All three of these solutions, including the two new ones, can help businesses detect risk and fraud, find new target customer, prioritize them, and better connect with customers who want to engage in a meaningful way. They can quickly pivot to serve and protest their customers, without waiting months to search, evaluate, negotiate, prepare and use new data signals. But that's just the beginning. Beyond business impact, over the next five years healthcare and life science prganization willl put external data to work to build real-life models for better health outcomes and more personalized care solutions.
Explorium is a solution for any organization - profit or nonprofit - that needs to keep up with pace of change.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 136 words used.
In May 2021, Explorium closed its $75M Series C funding round. This round brought Explorium’s investment to $127M+. This comes eight months after its Series B round and on the heels of a year that revealed the limitations of predictive models based entirely on internal data, as well as the challenges company’s face in obtaining impactful and reliable data outside its four walls. Additionally, George Matthew, managing director at Insight Partners and former President & COO of Alteryx joined Explorium’s board of directors.
Despite the challenges faced during the pandemic, Explorium doubled its customer base and more than quadrupled revenue. Companies like BlueVine, GlassesUSA.com, Melio and PepsiCo use Explorium to enhance AI models for use cases including lead scoring, identifying default risk and fraud and upleveling analytics such as demand forecasting and customer lifetime value.
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