Describe the company – the elevator pitch
Pendo Systems provides the fuel for AI through the Pendo Machine Learning Platform. Our platform transforms unstructured data into structured datasets, the fuel required for AI tools to be 100% effective. In the US, 80% of data in financial institutions is unstructured so if the information and insights locked inside that data aren’t transformed into structured data then no AI tool on the planet can help your enterprise.
How are you different?
The IP baked into the platform, of course, and the fact we have one of the few, if not the only, machine learning platform in production within not one, but two major financial enterprise’s (25% of GSIFI’s in US). That experience provides many benefits: User feedback that has significantly improved the quality and ease-of-use of the platform, as well hugely improving the UI/UX. Also, we have been training our platform for more than a year which has enabled us to steadily improve our algorithms.
Why will you do well?
We have the right product, at the right time, and we now have production experience. Plus. No hoodies! We have an experienced team who have deep experience in financial services, both in the front and back office.
— Pendo Systems Inc (@PendoSystemsInc) October 18, 2017
Where are you based?
We have offices in New Jersey/New York and Charlotte, NC.
When was the company launched?
Pendo Systems has actually been around since 2007, when Founder/CEO Pam Pecs Cytron launched an enterprise, back-office accounting software called, Basis Point. Pam pivoted the company towards unstructured data in 2015.
What have been your biggest wins to date?
Developing a platform that really delivers on its promise is a huge win. This is a real production platform, not vaporware, in other words we’re selling what the platform can do now, not what it might/should be able to do in the future. Obviously, our two enterprise level banking clients are a close second (confidentiality means we can’t share their name in this forum).
Who are you trying to attract to your product?
Given the depth of experience in our senior management team we are currently 100% focused on financial services that includes Banking, Asset Management and Insurance. Clearly, unstructured data growth as a problem is agnostic, many other verticals are dealing with this issue, but we want to demonstrate domain expertise in this vertical before stretching our wings into others.
What tips would you give to others looking to build their business?
Never stop. The job isn’t done when you get you first customer, or your first investor. You have to keep adding and growing. Start-ups should think like sharks and never stop moving. It’s easy to trick yourself into thinking you’ve made it. Because you got the investment you needed, or you’re now profitable, or you just beat the competition. But I’ve learned those moments are starting points, not end points.
— Pendo Systems Inc (@PendoSystemsInc) October 19, 2017
Tell us about your team?
I’m blessed with a wonderful, diverse, smart, experienced and mature team. Did I say no hoodies! This is a team with a real track record for building and succeeding. Together, we’re going to conquer the world.
What are your plans for the future?
World domination. A Pendo Platform on every financial services desktop! Gain experience in Insurance and Asset Management, extend our reach to Europe and beyond, and start to think about the next vertical Pendo Systems can conquer. We really like the look of Healthcare when it comes to unstructured data, just saying.
What are your favorite tech gadgets?
My Phone. It’s my mobile office.
What tech gadgets do you wish you could use to help you?
Teleportation! As the CEO of a growing Fintech company I often need to be in 2 places at once. Plus, it’s the 21st Century, why don’t we have teleportation yet for goodness sake?!
Anything else you’d like to add/we should have asked?
How Pendo Systems managed to build a female owned/operated Fintech with a majority 70:30 Female to male ratio in a category that’s dominated by men? The answer: Leading from the front, and by example.
How do people get in touch with you?