Investors continue to pour money into big data
The seeding of many startups in a new market space is no guarantee that market will pop and become sustainable, but it has been a while since we have seen the kind of investment that big data startups are attracting. The longer this investment continues, the harder it will be for detractors to say that big data is just a fad.
Several companies announced funding this past week, including Coveo, a big data analytics company from Quebec, market leading Cloudera, and ClearStory.
Coveo raised $18 million from local growth equity firm, Tandem Expansion Fund. Its flagship product is Coveo for Salesforce, "a cloud-based application that delivers quantitative insights about customer interactions by pushing relevant real-time information to sales and marketing teams," according to VentureBeat. The company plans to use the funding to help grow its sales and marketing teams.
Cloudera also closed a funding round last week. The $65 million in Series E funding came from Accel Partners, funding round leader, and Greylock Partners, Ignition Partners, In-Q-Tel and Meritech Capital Partners. Cloudera has raised a total of approximately $140 million.
"The company plans to expand its European operations and open new offices in the United Kingdom in 2013," All Things D reported. CFO Jim Frankola said Cloudera's revenue and number of customers has been about doubling every year.
Additionally, data analysis group ClearStory has recently raised $9 million in Series A financing. The group aims to make big data more accessible for users.
"Sharmila Shahani-Mulligan, ClearStory's founder and CEO, says her company's analytics platform cuts through the alphabet soup of the big data technology ecosystem and eliminates many of the biggest barriers that prevent businesses from drawing actionable insights from mountains of data," reported Pedro Hernandez of InternetNews.