(Image source: Powerlytics homepage.)
Powerlytics, a data provider that offers what it describes as complete, granular data for the 200 million adults and 30 million businesses that make up the U.S. economy, has announced that Brewer Lane Ventures, a Boston-based venture capital firm with a Fintech focus, has acquired a $4 million stake in the company. Powerlytics says it will use the investment to grow all aspects of the business, and increase its sales, data science, and product management teams. Brewer Lane Ventures’ founder, John Kim, former president and Chief Investment Officer of New York Life (New York), will also join the board of Powerlytics.
“This investment is a testament to the strong foundation we’ve built with our proprietary data and predictive analytics,” comments Kevin Sheetz, CEO and Co-Founder, Powerlytics. “Our products are well-situated to help companies through the current season of economic uncertainty. We are excited to have Brewer Lane Ventures join our team to help accelerate our growth.”
Founded in 2011, Powerlytics works with major U.S. companies in insurance, banking and asset managers, leveraging anonymized financial information from publicly available U.S. government sources. Its data has been used in a wide variety of use cases, including income verification, business revenue prediction, customer default, market segmentation, customer retention, marketing funnel optimization, and other scenarios where predictive analytics are used to identify risk and risk-based market opportunity.
Identifying Risks and Opportunities
“Powerlytics’ track record shows that its data can identify risks and opportunities in a wide range of economic conditions,” comments Brewer Lane’s Kim. “We plan to utilize our significant experience in financial services to assist Powerlytics with its strategy, operations and client acquisition efforts.”