Lytics made its debut today at the PIE (Portland Incubator Experiment) Demo Day with the unveling of its real-time analytics service. Lytics, which is in the process of finalizing a seed round of funding, tackles the problem that comes with getting value out of data from multiple sources such as mobile environments, the web, email, social, third-party APIs and commerce environments.
The company can combine a customer’s structured and unstructured information via an API or data that is uploaded to the Lytics platform. That data can then be combined with Lytics third-party information that it collects through mobile and other means. Customers can then pull out the data, and, if they wish, feed it into a data visualization engine such as Juice Analytics.
In his demo, Lytics CTO Aaron Raddon compared the problem that businesses have to the same issues faced in the film “Moneyball.” In the film, the Oakland A’s looked for talent the same way scouts had done for decades. Look at a bunch of reports and make a gut decision about a player. In the end, an economist pulled the reports together and used the data to choose the team. The A’s made it to the playoffs that year.
Raddon said the company does with its cloud-based service what the economist did for the A’s by creating his own algorithm to conduct the analysis. Customers use the Lytics service to optimize pricing and inventory and really any function that a small business or enterprise may have.
“Every data point is new opportunity,” Raddon said.
Lytics competes in the big data startup space. They say they run into companies such as Cloudera and Datastax.
Real-time analysis that gets answers fast without a lot of toil and trouble – that’s a valuable service. The challenge will be competing in an increasingly noisy space, alongside any number of startups, against the likes of IBM, Oracle and ERMC.