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Nugit receives US$5.2 million in funding

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Local-based artificial intelligence (AI) startup Nugit has received a US$5.2million funding round from Sequoia India.Nugit currently manages over 146,000 connected ad accounts for over 500 brands in 34 countries. Its single largest account uses 8500 different accounts from platforms such as Google, Adobe Analytics, Facebook, Doubleclick.Founded in 2003, Nugit seeks to transform data into decision-ready reports that integrate seamlessly into marketers’ workflows. This is through the combination of artificial intelligence, natural language generation, and visual design.“Many of the legacy systems that are being used to manage marketing data are slow, over-priced and take months to implement. We believe analytics can be much leaner and more intelligent, by leveraging technologies such as AI and machine learning. Sequoia India’s investment will help us accelerate our R&D and push the boundaries in these areas,” David Sanderson (pictured), founder and CEO of Nugit, said.“We were thrilled to see the world-class engineering team and the fast adoption from enterprises, publishers and agencies. It has been impressive to see the intelligence of the Nugit platform, and how it offers enhanced efficiency and clarity to marketers. Nugit is part of a trend where global SaaS businesses are being built from Asia,” Pieter Kemps, investment advisor at Sequoia, added.

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