Contxto – Argentine-founded, San Fran-based, Fligoo is headed to Brazil to scale operations.
The AI and big data startup recently raised R$40 million (~US$7.1 million) for its Series A round. Family offices 4P Investments from Brazil and Suquet Capital Partners from the US led the round.
Fligoo pinpoints insights with AI
Some say data is the new oil for the digital era. Others say it’s a nuclear power. Whatever novelesque/dramatic name you wanna call it, data be valuable af.
It’s something Argentine entrepreneurs Marcos Martínez and Lucas Olmedo realized and acted on by founding Fligoo in 2013. Their startup offers businesses AI-generated insights.
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Fligoo told Exame it has around 4,000 algorithms that churn the data to give out recommendations. So it’s unsurprising that the majority (43) of its 53-person team consists of data scientists. But funding will help hire more team members and contribute to its sales efforts as it scales into Brazil.
Among its customers are big-wigs like Walmart and Coca Cola. It also has Brazilian bank Itaú as a client.
Mining for data in Brazil and Latin America
In order for algorithms to complete tasks for humans, they first need access to humongous pools of data from which they can learn.
That’s why countries like the US and China are natural powerhouses for AI. They’re vastly populated with consumers completing transactions and moving about thus generating precious data for algorithms to soak in.
In Latin America, the best candidate in terms of size is obviously Brazil. So it makes sense that that would be Fligoo’s first target in Latam.
Will Fligoo stop after Brazil? Of course not. It’s prime time for the region and data.
Given the surge of demand for digital services in Latin America, Fligoo sees major market potential. Therefore it hopes to scale into Mexico, Colombia, and Peru further down the line.
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