Litman, Mallin’s Latest Startup Features Supercomputer Named ‘Lucy’
Serial entrepreneurs Scott Litman and Dan Mallin believe their latest venture, Equals 3, could bring about “a complete paradigm shift” to the marketing industry.
On Wednesday, the St. Louis Park-based tech company launched Lucy, a digital companion that, when asked a question, can quickly crunch data and provide a detailed answer. For instance, if a person asked Lucy who buys disposable cameras, Lucy would respond with information that could include demographic- and geographic-based intelligence.
“Lucy solves the data-overload problem marketers and agencies have been grappling with for years: accessing the appropriate data at the right time,” Litman said in a statement.
Lucy leverages the cognitive computing power of IBM’s Watson, as well as a number of Watson services, to operate. Equals 3 said the program has the functionality to do in-depth marketing analysis, audience segmentation, media mix modeling, targeted channel planning and much more.
Fortune 1000 marketers and advertising agencies are the target audience for Lucy, the company said.
French advertising agency Havas Media employed a beta version of Lucy over a six-month period. “The impact Lucy has already made on our business in a short time is significant,” said Laura McElhinney, senior vice president of media technology at Havas. With Lucy on board, Havas managed to both reduce vendor costs and accelerate campaign development.
“What’s more, because Lucy is a cognitive solution powered by Watson, she actively learns and fine tunes the information she delivers, streamlining the campaign research and development phase and allowing us to deliver optimal service to our clients,” McElhinney added.
At the start of this year, Litman and Mallin sold their previous venture, Magnet 360, to a Mindtree for $50 million. The entrepreneurial duo founded Equals 3 roughly a year ago.
In 2014, Litman and Mallin were featured on TCB’s Entrepreneurs of the Year list.