Intelligence business platform, Prophet has launched in Australia, after three years of building its predictive intelligence platform.
Prophet’s launch signals the first time organisations can run complex mathematical modelling in near-real-time, removing the limitation of 60 to 90-day increments under pre-existing platforms and solutions.
The company is on a mission to solve the $1 trillion pit in marketing and advertising budgets created by Google’s phasing out of cookies, paired with data blind spots that cause businesses to lose money on ineffective ad spend.
Prophet’s predictive intelligence platform enables organisations to quantify the historical return on investment of their entire online and offline marketing mix, while also predicting future outcomes against a library of thousands of macroeconomic data points; saving anywhere from 10 to 50% of marketing spend.
Former Hyperloop global marketing lead, Jordan Taylor-Bartels and former Ogilvy and VMLY&R Commerce CEO, Sean Taylor are at the helm of the Melbourne-based tech firm.
Alongside Taylor-Bartels, Prophet was co-founded by mathematician Patrick Robotham, statistician John Strumila and full-stack-developer, Clyde So. The company’s development team also touts talent from organisations including NASA, SpaceX, Linktree, WPP, Dentsu and Deloitte.
While every business leader wants to make marketing budgets more efficient, the ability to do so with existing tech will only continue to rapidly decline, according to Taylor-Bartels.
“For a long time now, marketing teams have had to resort to using data that doesn’t provide truly up-to-date information and doesn’t meaningfully assist predictive modelling and extensive scenario planning,” he said.
“We’ve taken sophisticated mathematical processes that represent a real, long-awaited advantage for marketers, and packaged them in a platform that basically any brand decision-maker can use and understand. Marketing teams that don’t embrace Prophet will soon risk being left behind by competitors.”
Prophet enables marketers and organisations to find profitability opportunities across the entire marketing suite, measure both detailed and overall ROI for every marketing activity, mathematically measure the power of brand, how it directly impacts other channels and determine wastage, conduct extensive scenario planning with predictions for every market outcome, analyse channel influence, perform historical analysis, measuring the entire marketing mix, understand macro factors affecting organisational performance with data securely connected via direct APIs and natural-language processing.
“Prophet isn’t just a dashboard that shows you plain analytics with a date slider. We have developed a living, breathing piece of intelligence that ingests data daily and provides users the most accurate, up-to-date insights possible,” Taylor-Bartels added.
“We achieve this with cutting-edge mathematics developed by academic and commercial resources to ensure that marketers and the broader organisation can make the right decision with little to no delay. This is a quantum leap compared to existing market-mix-modelling tech.
“Our testing to date has demonstrated Prophet can save businesses anywhere from 10 to 50% on marketing and ad spend by accurately demonstrating what’s working, and where budgets should be diverted for maximum impact. There’s clearly an appetite for this breakthrough, too; raising $5 million for a new platform in this market is hard at the best of times, and we’ve managed to achieve that pre-revenue.”
Pictured L to R: Prophet co-founder and executive chairman, Sean Taylor, co-founder and CEO, Jordan Taylor-Bartels and chief commercial officer, Paul Veltman.