Voyance has raised $500,000 in an oversubscribed pre-seed round.
The $500,000 pre-seed round was led by Beta.Ventures, an early-stage investment firm supporting leading tech entrepreneurs and tech-enabled startups in Nigeria.
Other investors that participated in the round are Zedcrest Capital, the venture investing initiative of the securities and investment firm Zedcrest Group, HoaQ club, a community of creators and operators backing entrepreneurs in building scalable businesses for Africa and its Diaspora, and Assembly Investors.
Individual investors such as Fola Olatunji-David, the founding partner of Kickoff Africa, Chidinma Iwueke, a principal at QED Investors, Seni Sulyman, the founder of Black Ops, and Nelly Chatue-Diop, the co-founder and CEO of Ejara.
Ovo Emorhokpor, General Partner at Beta.Ventures, said: "Data has become one of the most important business assets in the modern era. Voyance is building critical infrastructure to enable small and large businesses to turn their raw data into advanced analytics and design machine learning models to make insightful business predictions."
Acccording Emorhokpor, "The secret behind the widely loved Voyance product combines the duality of technical sophistication and consumer-grade experience."
Aside from the fundraise, the startup also announced the rollout of two flagship products, Manhattan DB and Sigma.
$500k Strong 🚀— Voyance (@voyancehq) February 23, 2022
At Voyance, our goal remains simple.
To be the one you think about, when it comes to Data+Al infrastructure in Africa.
We are happy to announce we've raised a $500k pre-seed round, to build what Databricks+Datarobot will look like in Africa.#athread pic.twitter.com/tSBB3q7zIy
About Voyance flagship products
With Manhattan DB and Sigma, Voyance is making data science accessible to businesses to accelerate innovation by unifying data engineering, machine learning and business processes.
Manhattan DB provides efficient, scalable and fully managed data infrastructure to businesses. Data analysts, data scientists, data engineers, machine learning engineers can use Manhattan DB to safely and easily store and analyse gigabytes and petabytes of data, build machine learning models and deploy with zero operational overhead.
Meanwhile, Sigma is a risk operations platform that can be used to address business problems such as transaction monitoring, compliance and anti-money laundering. Sigma allows businesses to innovate and scale quickly without increased risk.
According to a Deloitte survey, the advantage of analytics to businesses includes making better decisions, improving relationships with customers and other business partners or stakeholders, and enabling key strategic initiatives.
This is corroborated by the survey conducted by Statista Research Department in 2018. More than half of the respondents stated that they “totally agree” that data is essential to their organisation’s strategy.
Since the pandemic has compelled more businesses and customers to go online, access to quality data and analytics like the ones Manhattan DB provides is critical to the success of businesses.
Businesses can also use Sigma to manage the risk of operating online. According to Feedzai Financial Crime Report, the 109% increase in online transactions in 2021 is matched by a 23% increase in online fraud.