BOSTON, MA, Tamr, the innovator in data unification, today announced that GE Ventures has made a strategic equity investment in the company.
for more funding data on Tamr
To export Tamr funding data to PDF and Excel, click here
The investment follows GE's experience as a customer of Tamr's for more than two years. During that time, its data unification software has been used across multiple GE business units to unify hundreds of data sources, resulting in cost savings and new insights worth hundreds of millions of dollars. Lisa Coca, Managing Director at GE Ventures, joins Tamr's Board of Directors as an Observer as part of the investment, which will be used to accelerate product development and go-to-market initiatives.
"GE Ventures aspires to be the innovation partner of choice for entrepreneurs who want to change the world," said Ms. Coca. "We've seen firsthand the transformative results that Tamr's technology has on an enterprise of GE's scale. When the cost and complexity of bringing together enterprise datasets is massively reduced, the resulting analytic breakthroughs create opportunities that were previously inaccessible. We believe that Tamr will power a new wave of innovation and efficiency for major companies across the globe, and we're delighted to partner with them to accelerate that mission."
Tamr initially began working with GE in 2014 to deliver a new class of analytics to optimize spending. Like virtually all large conglomerates with a long operating track record, several business units, and an extensive history of mergers and acquisitions, GE has hundreds of ERP systems. GE's goal was to unify the data from more than 270 separate systems to create a complete and accurate picture of the company's direct spending. Traditional methods of data integration proved too complex and costly, so GE turned to Tamr's machine learning-driven, human-guided data unification system as a solution. Today, Tamr processes 20 million transactions representing $60B in direct spend, and delivers unified, clean supplier data directly into the hands of people on the front lines at GE.
As a result of working with Tamr, GE has identified hundreds of millions in savings opportunities over the past two years.
In addition to the success with its spending analytics initiative, GE is using Tamr's software across multiple business units for a wide range of data unification tasks including business-to-business customer record management.
"It is an honor to have GE Ventures as an investor, advisor, and partner in building our business," said Andy Palmer, co-founder and CEO of Tamr. "Like our other corporate investors, this relationship began with GE becoming a customer, and I'm delighted with this important step forward in our partnership together. Our goal at Tamr is to build an innovative and enduring company that is known for enabling our customers to transform and thrive. It would be hard to find a better role model for this than GE."
About Tamr, Inc.
Tamr is the enterprise-scale data unification company trusted by industry leaders like GE, Toyota, Thomson Reuters, GSK, HP, Philips, and Amgen. The company's patented software platform uses machine learning supplemented by human expertise to unify and prepare data across myriad silos to deliver previously unavailable business-changing insights. With a co-founding team led by Andy Palmer (founding CEO of Vertica) and Mike Stonebraker (Turing Award winner) and backed by investors including NEA and Google Ventures and now GE Ventures, Tamr is transforming how companies get value from their data.