Bangalore and US-based big data analytics start-up DataRPM has received investment of Rs 31 crore ($5.1 million) in a round led by US-based venture capital firm InterWest Partners as it prepares to expand operations in overseas markets and hire talent.
Bangalore and US-based big data analytics start-up DataRPM has received investment of Rs 31 crore ($5.1 million) in a round led by US-based venture capital firm InterWest Partners as it prepares to expand operations in overseas markets and hire talent. US-based CIT GAP Funds also participated in the deal. DataRPM founded by serial entrepreneurs who worked at firms such as IBM and Yahoo will use the funds to hire new talent.
A lot of business intelligence software has been developed with data scientists and engineers in mind as the end users. But over the past several years, as corporations collect increasing amounts of data about their operations, emergence of business intelligence software used by everyday employees.
"This investment definitely gives us a boost in our endeavour to grow our research and development centre in Bangalore," said Gautam Shyamantak, Chief Technology Officer, DataRPM, who co-founded the firm in 2012, along with Ruban Phukan and Sundeep Sanghavi.
DataRPM helps customers mainly technology companies such as MicroPact, Motionsoft and Transaction Network Services mine hidden insights from huge chunks of data or big data using natural language.
DataRPM has developed a unique technology which pairs its computational search platform with natural language and machine learning. This simplifies the process of gaining insights from data.
"Their combination of affordability and ease-of-use creates the opportunity for companies of all sizes to get meaningful insights," said Khaled Nasr, Partner at InterWest.
DataRPM competes with companies such as Looker and IBM's artificially intelligent computer Watson which provide business intelligence software platform to answer questions posed in natural language.