SAN FRANCISCO — PredictHQ, a data intelligence company that helps Uber and Domino’s predict demand, has raised a $10 million Series A funding round led by Aspect Ventures with participation from Lightspeed and existing Australian-based investors Rampersand VC and AddVenture Fund.
PredictHQ helps businesses like Uber, Domino’s and Booking.com with intelligence that helps them anticipate fluctuations in demand for their products and services by aggregating data on real-world events, including concerts, sports, conferences, performances, public holidays, severe weather, and even terrorist attacks.
Theresia Gouw, Aspect Ventures co-founder, will join PredictHQ’s Board of Directors.
“For too long, businesses have lacked the ability to truly understand how the movement of people across the world impacts revenue, product usage, supply chain and operations. PredictHQ solves this problem and is already working with some of the smartest companies in the world,” said Gouw. “My team at Aspect Ventures was drawn to the potential of PredictHQ’s data platform to unlock billions of dollars in the global economy, and to do for commerce what Stripe has done for payments.”
Developers, product leaders and data scientists rely on PredictHQ’s global events API to understand the catalyst behind people movement and its impact on commerce. Every year, businesses lose billions of dollars because they can’t forecast changes in demand, customer interest and activity. Pinpointing exactly what caused an increase in demand at any given moment is a complex data problem that businesses have tried and failed to solve by themselves. They use incomplete historical data that lacks context and fails to reflect the dynamic nature of events, leaving them unprepared to meet their customers’ needs.
Airlines, for example, don’t know why an increase in bookings to Atlanta one year doesn’t repeat the next, or a rental car service can’t explain why suddenly their entire fleet in Milan was reserved. Similarly, ride-sharing companies can’t properly tell drivers when and where to be because they lack visibility into events at scale, everything from a trivia night at a local bar to arena concerts and sporting events.
“We’re on a mission to help businesses and their customers better prepare for what’s happening around them. We are powering predictive commerce,” said Campbell Brown, CEO and co-founder of PredictHQ. “There are millions of events throughout the world each year that impact specific industries in different ways. Often, there are multiple events in the same place and time creating a perfect storm of demand that no one expected. Until now, there has been no central repository of real-world event data, let alone any intelligence built on that data to make it accessible and actionable. By understanding the impact of events, PredictHQ helps business respond to customer demand and unlock instant profits that are hidden in plain sight.”
Transportation companies, like Uber, use PredictHQ to understand how many drivers are needed on the road at any given place and time. Hotels and travel aggregators, like Booking.com, use PredictHQ to optimize pricing, whereas restaurants like Domino’s use PredictHQ to staff delivery drivers and adjust how many pizza ingredients to stock at particular locations.
PredictHQ aggregates and verifies more than 2 billion data points to enrich nearly 20 million events across 30,000 cities worldwide into a single API. Businesses receive a complete, standardized and enriched dataset that they can use to build forecasting, planning, and marketing models at scale. Developers use PredictHQ’s API to dynamically adjust services, supply chains, features, messaging and pricing based on real-world events.