After nine months of development and a public launch in September, Indicative co-founders and serial entrepreneurs Jeremy Levy and Andrew Weinreich have managed to sew up $2 million in financing for their new company tackling the problem of how to provide low-cost analytics easy to use analytics software for web and mobile companies.
“We built a proprietary data store that allows us to store data very cheaply,” says Levy. “[And] we built proprietary visualization tools which are designed to be incredibly easy to use.”
“All the time you hear people talk about business analytics and data analytics,” says Weinreich. “When all they really want to know is how much money I’m making and where my users are coming from.”
Weinreich’s and Levy’s third venture together was in response to the needs they had as entrepreneurs at MeetMoi, the first location-based mobile dating service; and Xtify, which commercialized the persistent tracking technology at the core of MeetMoi. IBM bought Xtify in 2013.
According to Weinreich, the analytics tools extends beyond salesforce into the actual creation of new products for users. “A lot of folks build products based on what they think is best for their users,” he says. Using Indicative that data is visible in near-real-time to see what users are actually experiencing when they interact with a site.
“From the moment of [customer]acquisition to the moment of departure. Everyone of those touch-points should be organized in a database and there should be a series of tools that allows operators to base product decisions on actual data,” says Levy. “When someone is interacting with a service. that company categorizes each action that someone takes. When you store it you need to store it as registration, subscription. it’s not simply recording steps… It’s recording them according to a schema. The secret sauce is not in dropping something in hardware. The secret sauce is in putting together a schema that you can store at an incredibly cheap cost.”