WhyHive, a startup aiming to make data analysis more accessible, has successfully raised $600,000 in an oversubscribed pre-seed round.
The funding was led by Skalata Ventures and backed by notable investors including Jon Williams from Culture Amp, Alex Zaccaria from Linktree, and Dom Pym from Up Bank. This investment marks a significant milestone for the company, which aims to become the 'Canva for data'.
Dom Pym, T and Matt
The Journey to WhyHive
The founders, T and Matt, previously ran a social enterprise data consultancy from 2018 to 2022. Their experience working with non-profits and corporations highlighted a common challenge: the inaccessibility of data analytics tools for most users. This realisation led them to pivot their business, investing all their consulting profits into developing WhyHive. Their goal was to create a platform that would make data analysis as intuitive and accessible as Canva made graphic design.
Investor Support and Shared Values
WhyHive's investors were chosen not just for their financial backing but for their alignment with the company's mission and their expertise in creating intuitive user interfaces. Dom Pym of Up Bank, known for its highly satisfied customer base and trusted reputation, expressed belief in WhyHive's mission to democratise data exploration. The involvement of Linktree and Culture Amp, both recognised for their excellent user experience, further strengthens WhyHive's focus on creating an intuitive and user-friendly platform.
WhyHive's Approach to AI and Data Analysis
While acknowledging the popularity of ChatGPT for data analysis, WhyHive has taken a different approach. The company has developed its own analytics engine that combines Large Language Models with data science logic. This approach aims to provide a more reliable experience than ChatGPT, addressing issues such as result verification and chart creation that users often struggle with when using AI-based tools.
Launch of Free Plan and Open-Source Fundraising Data
In line with their mission to make data analysis accessible to everyone, WhyHive has announced the launch of a free plan. This move is intended to scale their impact and get their platform into the hands of as many users as possible. Additionally, the company is sharing the data from their pre-seed raise as a sample dataset within the WhyHive app. This initiative aims to help other first-time founders in their capital-raising efforts by providing real-world fundraising data for analysis.
Call to Action for Users and Supporters
WhyHive encourages potential users and supporters to sign up for the platform, analyse their data, and provide feedback. The company views user engagement and feedback as crucial steps towards achieving their mission of making the power of data accessible to everyone. They also invite people to share their story and introduce colleagues to the app, emphasising that every bit of feedback brings them closer to their goal.
The Whyhive Team