Making it Work: AI is the future for deep data start-up Altum Analytics

Less than a year after its establishment, Altum Analytics, the Belarus-founded, Dublin-headquartered software company, has already raised €500,000 in funding and is readying itself for an expansion drive.

The firm is a partner of Salesforce, the American software-as-a-service (Saas) company with a market cap of over $200 billion, and has won favour among software firms with an artificial intelligence-based solution that helps B2B companies make their sales strategies faster and more efficient.

Altum claims its technology offers companies better insights into potential customers by using an algorithm that collects data on their online behaviours and conducts deep analysis – Altum is deep in Latin.

Clients of the company can use its solution to collect data on potential or existing customers and gain a better understanding of the needs and wants of the companies to which they provide software.

“We buy data, we collect behavioural data and we analyse how the client’s customer interacts with the client’s product,” Dmitry Korzhik, Altum’s chief executive, said.

“After that, we put this data into our AI engine, and it produces different insights for sales managers, customer success managers and marketing managers, which allows them to serve their clients much better.”

Altum is currently focusing its efforts on the sales market, with technology that can predict potential customers for clients and allow them to target certain areas or markets.

“We have technology that can predict who will become your customer,” Korzhik said. “We can understand it very quickly and predict it with very high accuracy.”

While some companies conduct this sort of data analysis in-house, Altum believes its outsourced solution is an appealing prospect for many firms that do not have their own data scientists.

In a competitive space, the company believes the level of insight it offers to sales managers differentiates it from other firms offering similar services.

Altum counts software companies including Replay.io, GanttPRO and swat.io among its mostly US-based client list.

For Korzhik, a 29-year-old former software developer who had the idea for the product while at university in Belarus, Ireland was the right place for Altum to operate.

“There is a good opportunity to do business in Ireland,” he said. “It’s Europe’s Silicon Valley. The biggest software development corporations have companies in Ireland, so that’s why I decided to move here to do business.”

Of the funding the company has raised so far, €250,000 has come from Enterprise Ireland and another €250,000 from angel investors.

Korzhik said the company, which employs 11 people, is not currently seeking more investment but is instead attempting to grow its customer base before attempting a fundraise.

In the long run, Altum’s goal is to become a public company and lead the way in data analytics over the coming years, Korzhik added.

“I really believe in data, in AI technology. So there’s a lot of opportunity there, and data can drive things forward.”