Crunchbase is getting an AI-powered makeover, moving away from historical company data towards predictive intelligence that it says will help users forecast with unerring accuracy how private firms are set to grow, what their funding rounds will look like, and future acquisitions.
Crunchbase provides information and data about private businesses, investors, and industry trends to more than 80 million users.
But now the firm is declaring historical data "dead" and relaunching as an AI-powered, predictive intelligence platform that claims to be able to show what will happen to a company in the future.
Says CEO Jager McConnell in a blog: "If you still rely on static data from the past to make your business decisions, you’re at risk of becoming obsolete. AI has upended the status quo, compelling businesses to act quickly and think ahead in ways that standard data analysis cannot support."
Crunchbase is betting on AI's ability to gather, analyse and extrapolate data to make predictions about market behaviour. It processes billions of signals annually to map outcomes and offer actionable intelligence.
"We’ve tapped into a technology so powerful that it feels more like magic. Our predictions are transformative when it comes to winning in private markets — internal backtesting showed our funding predictions to have up to 95% accuracy and 99% recall," claims McConnell.
Nevertheless, the company offers a disclaimer: "Crunchbase’s AI may contain mistakes and is not legal, financial or investment advice."