Green Building-based Edj Analytics recently closed on a $2.4 million A round of investment, CEO Sean O’Leary tells Insider.
Chrysalis Ventures led the investment along with a handful of experienced local investors, some of whom also were involved with O’Leary’s previous company, Genscape.
Edj Analytics has created a platform to analyze a company’s data that treats it like a game. Like those computers that have been taught to play chess or backgammon, Edj Analytics’ platform incorporates the “rules” of the data, not just the data and the desired goals.
In 2006, Frank Frigo and Chuck Bower began looking for ways to create a simulation model that would help football coaches improve their game-calling techniques. They created a product called ZEUS that assessed the decisions of NFL coaches.
When O’Leary left Genscape after 11 years as CEO, Frigo and Bower approached him about applying this technology to other businesses. Edj Analytics has created pioneering solutions for education, health care and financial markets as well. Their platforms help colleges retain students, keep more people from being readmitted to the hospital, and help traders make smarter trades faster.
The platform helps negate a human decision-maker’s biases and risk-aversion. Overconfidence and confirmation bias can skew the decision-making process, but science and technology can clear those from your path toward your goals.
O’Leary tells Insider the new investment will help the company “dig deeper in the verticals” and also seek out new opportunities. The company currently has around 10 employees, and they’re looking to more than double that by creating up to 15 new jobs in the next year. New hires will be analysts, business managers and product managers, as well as some growth in the administration.
Last year, Edj was named one of Greater Louisville Inc.’s Hot Dozen companies.