Cambridge big data center opens
The Boston Globe said entrepreneurs in Massachusetts have raised $1 million to open a hack/reduce center in Cambridge today that will focus on big data research. The center will support 150 computer engineers and data scientists.
Big data is the fast-emerging science of using powerful software to analyze huge databases so, for example, retailers can sift through countless bits of information to target potential customers, or municipalities, such as the city of Boston, which can sort through traffic data to reduce congestion.
Chris Lynch, a partner with the Cambridge venture capital firm Atlas Venture and a hack/reduce co-founder, said that for big data you need access to the latest and greatest technology, and that this center will provide that for the best and brightest technology thinkers.
In May, the state of Massachusetts launched its own big data initiative and is contributing $50,000 to the hack/reduce program. Massachusetts's technology sector has more than 100 companies that employ about 12,000 people.
Hack/reduce is a nonprofit organization and will while it will function like an incubator program, it will not take an ownership stake in successful startups in exchange for participating in the program.