TextQL: Revolutionizing Business Data with AI-Powered Intelligence
TextQL, a groundbreaking platform developed by engineers Mark Hay and Ethan Ding, is set to transform the way businesses utilize their data. Recognizing the limitations and frustrations faced by data leaders and business teams, Hay and Ding have created a solution that combines large language models with existing data stacks. Their platform aims to provide real-time access to data and empower business teams to ask questions and gain insights they need, all while understanding the context and semantics unique to their organization.
One of the glaring pain points in the data industry is the overly complex and time-consuming process of extracting information. Many data scientists spend a significant portion of their time fulfilling individual data requests, resulting in lost productivity and frustration for business teams. Moreover, the semantic differences between the language used by business teams and the representation of that language in databases often lead to lengthy debates over numbers. Hay and Ding recognized that a more efficient and intuitive solution was needed.
TextQL, launched in 2022, addresses these challenges by utilizing a data model that maps a company’s database to the specific nouns relevant to their business, such as order, item, dealer, and inventory. By connecting to business intelligence tools, TextQL can guide users to existing dashboards if a question has already been asked. The platform also leverages documentation from enterprise data catalogs like Alation and notes from platforms such as Confluence or Google Drive, providing a comprehensive solution for data exploration and analysis.
One of the standout features of TextQL is its ability to automate certain actions based on data insights. For example, it can send emails to managers when specified data parameters are met. This automation component empowers business leaders with the ability to make data-driven decisions quickly and efficiently, amplifying their capabilities and productivity.
While the challenging economic climate has adversely affected many businesses, TextQL has found success. The platform is already serving half a dozen customers across industries such as healthcare, bio and life sciences, financial services, manufacturing, and media. With annual recurring revenue in the six figures and a strong customer base, TextQL is poised for long-term growth.
In terms of competition, Hay sees TextQL as a viable contender to established vendors like Palantir and C3.ai. The platform’s unique features and user-friendly interface set it apart from traditional data analytics tools, making it an attractive option for businesses looking to optimize their data-driven decision-making processes.
To support its growth and innovation, TextQL recently raised $4.1 million in a co-led pre-seed and seed round by Neo and DCM, with participation from Unshackled Ventures, Worklife Ventures, PageOne Ventures, FirstHand Ventures, and the Indicator Fund. This funding will allow TextQL to further enhance its platform, expand its customer base, and solidify its position as a leader in the AI-powered business intelligence space.
With its mission to empower businesses with AI-powered intelligence, TextQL is changing the way organizations harness and utilize their data. By providing real-time access, automating actions, and understanding the unique language and context of each business, TextQL is enabling data-driven decision-making and transforming the productivity and efficiency of business teams worldwide.
