We recently sat down with our esteemed client Scott Love, Founder and CEO of Lovelytics, a data, AI, and analytics consultancy, following the completion of a transformative strategic investment by the venture unit of San Francisco-based Databricks and Los Angeles-based private equity firm Interlock Equity.
Thanks for taking the time, Steve. Will you give us a little background on Lovelytics?
“Our organization helps companies use data and AI to better their businesses. We primarily do that through consulting engagements, where we understand the business problems of the organizations, translate those into technical solutions, and teach their team how to use that and drive sustained change at these organizations. As of last week, we’re private equity backed by Interlock Equity and Databricks Ventures with the help of Rooney Law, of course.
Take us through the elements of the deal.
“Interlock Equity led the investment and perfectly aligned with our vision and culture. They possess the operational expertise and financial acumen needed to accelerate our business while respecting our existing culture and operational model. Databricks Ventures, on the other hand, is a technology company we’ve partnered with for several years. Their investment in Lovelytics further solidifies our mutually beneficial partnership. We are thrilled to have both investors on board.”
How do you plan to use the funds?
“The investment will allow us to expand our services investments in AI, data science, and other services at the forefront of what we do. In particular, with AI, it is a rapidly growing area that is top of mind for every organization today, so we want to ensure we stay at the forefront of innovation. We also plan to grow our team by furthering our industry expertise, expanding our sales team, and adding more technical consultants. By scaling our team, we aim to work with more companies and develop cutting-edge solutions tailored to their needs.”
The market for AI and data analytics is highly competitive. How do you see Lovelytics positioning itself in this market and taking advantage of the current trends?
“The AI and data analytics market is undoubtedly hot, and companies are allocating significant budgets to these areas to stay ahead. Lovelytics is well-positioned to capitalize on this market as we help organizations leverage data and AI to improve their business outcomes. Our focus on profitable growth and scalability sets us apart, emphasizing delivering tangible results while adapting to the evolving market demands.
During the fundraising process, what were some lessons you learned? Will you share any advice for other entrepreneurs going through a similar experience?
“Don’t take your eye off the ball. The fundraising process was a valuable learning experience. One important lesson was allocating sufficient time and ensuring the business could continue running smoothly during this period. It was crucial to have a talented team who could ensure we continued our growth and operations, even with some of the additional workload associated with the investment process.
“Be disciplined and organized from the start. Keeping our financial records organized from the beginning and separating business and personal expenses were invaluable tips we received early on as a company.”
“Make sure your leadership and advisors have their finger on the market’s pulse. We’re lucky enough to have great advisors both internally and externally. Our internal leadership team focused on making the right decisions at the right time.”
“I cannot speak highly enough of Rooney Law. They were instrumental throughout the process. Their responsiveness, market knowledge, understanding of the complexities of dealmaking, particularly in a tough market, and ability to deliver prompt results were remarkable – I don’t know if they even slept for the three months of the transaction. They truly understood our vision, market, and culture, making them an excellent fit for Lovelytics. Their constant availability and ability to keep the deal moving smoothly significantly impacted our overall experience. It is essential to have trusted partners with a good pulse because they’re involved in many deals.”
Lovelytics is on an exciting growth trajectory. We wish you continued success in expanding your services and making a significant impact in the data, AI, and analytics consulting space.
Lovelytics is a team of expert consultants who help the world’s leading companies use data and AI to better their business. People and data are at the heart of everything we do. From the data lakehouse to the CEO dashboard—love your data with Lovelytics.
