Decision Intelligence Platform made in Germany: SaaS start-up paretos extends seed round to €10 million
- No prior knowledge required: Heidelberg-based start-up paretos has developed an AI-based Decision Intelligence Platform that enables companies to make faster and more efficient decisions – a game changer in uncertain economic times.
- According to market researcher Gartner, Decision Intelligence (DI) is one of the most important transformation trends of the AI age and paretos brings this to Germany and Europe via its user-friendly platform. Reliable business predictions can now be made with the help of AI-based data analysis and trade-off scenarios.
- Paretos extends seed funding to €10 million with lead investor UVC Partners, existing investor LEA Partners and Berlin-based VC Fund Interface Capital from Niklas Jansen (Blinkist) and Christian Reber (Pitch), and ex-Vodafone CEO Hannes Ametsreiter.
Heidelberg, 20 September 2022. Uncertain times call for strategic foresight – and reliable data. While many European economies are facing a recession, digitization is making business processes ever more dynamic and complex. In this regard, the amount of data needed to make reliable business decisions today is far too enormous – and it continues to grow exponentially. If companies are to remain competitive in this environment, it is crucial that they open themselves up to co-working between humans and AI.
Decision Intelligence made in Germany
The solution is a young business discipline that combines human decision-making skills with advanced technologies: Decision Intelligence. One of the most important transformation trends of the coming years, according to market researcher Gartner.
Paretos, the Heidelberg-based tech start-up, now brings this sought-after expertise to Germany and Europe via a decision intelligence platform. With the aid of AI-supported data analysis, companies – from large corporations, mid-sized businesses to start-ups – are able to identify optimization methods and future scenarios and, thus, make better business decisions. And they can do so without prior knowledge or the expertise of data science specialists.
With its end-to-end software, paretos has already gained renowned enterprise and scale-up customers such as Accenture, Goldgas and one of Europe’s largest parcel delivery companies, as well as emerging companies such as Purelei, SNOCKS and Bitterliebe. Thanks to strong demand, paretos has achieved 6x revenue growth within the past twelve months. Going from strength to strength, the young company was able to attract renowned investors again just a few months after the last financing round and closed seed financing with €10 million by the end of August 2022.
UVC Partners, one of the leading B2B venture capital funds in Europe, is the lead investor: “The market potential for AI-based business solutions is huge,” says Dr. Oliver Schoppe of UVC Partners. “In the field of DI and predictive analytics, paretos has a great opportunity to position itself as a pioneer for German tech innovations across Europe thanks to its compelling technology. We are very pleased to support the founders and their highly motivated team in this endeavor.” New business angels among others are also invested in paretos: Blinkist founder Niklas Jansen, Wunderlist founder Christian Reber and ex-Vodafone CEO Hannes Ametsreiter.
The Game Changer for Data Analytics
Paretos evaluates all existing company data and prepares the entire process from data analysis to decision recommendation via a modern, easy-to-use no-code interface so that even the most complex challenges can be fully automated, saving companies time and money. One of the most distinctive features of paretos is that by using a multidimensional approach, it can also identify trade-offs. This, for example, allows logistics companies to explore how CO2 consumption, delivery speed and costs should be coordinated in order to increase profit margins.
“With our AI-powered prediction and optimization approach, making business decisions is better, faster and more scalable than ever before,” explains Co-Founder and CEO Thorsten Heilig. “This enables teams and organizations to tackle dynamic and complex problems autonomously and on demand – all without having to build additional data science resources.” At the heart of the software is the “Socrates” optimization algorithm, which was specially developed to handle highly complex models, and its performance outstrips even state-of-the-art algorithms from tech giants like Facebook.
Gartner estimates that Decision Intelligence will be used by more than 33% of larger enterprises by 2023. The widespread adoption of DI and the increasing use of AI for business decision-making processes is, therefore, just a matter of time.
With the extended seed financing, paretos is already positioning itself firmly within this rapidly growing business environment. To this end, the founders are not only expanding their team of almost 40 people, but also launching a strategic thought leadership initiative to make DI more widely known and more accessible to organizations. The first highlight for the company is that paretos is co-host of “trade/off – The Decision Intelligence Summit” that will take place in Berlin on November 22, 2022.
Paretos was founded in mid-2020 by Fabian Rang (machine learning and AI expert) and Thorsten Heilig (digital entrepreneur, former COO moovel/REACH NOW). The vision: everyone can make good decisions at any time. Using the latest machine learning methods, the Heidelberg-based start-up supports companies by exploiting business potential in the best possible way without having to rely on data science expertise.
Shortly after its launch at the beginning of 2021, multinationals such as Accenture and successful medium-sized companies were already relying on the paretos platform. The goal of the founding team: Become the number one in the field of dynamic Prediction & Optimization as a Service for innovative medium-sized companies, start-ups and large corporations.
About UVC Partners
UVC Partners is a Munich- and Berlin-based early-stage venture capital firm that invests in European B2B startups in the areas of enterprise software, industrial technologies, and mobility. The fund typically invests between € 0.5m - 10m initially and up to € 30m in total per company. Portfolio companies benefit from the extensive investment and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading innovation, and business creation center. With over 300 employees and more than 100 industry partners, UnternehmerTUM can draw from many years of experience in establishing young companies. This cooperation enables UVC Partners to offer startups unique access to talent, industry customers, and other financial partners.