Venture Capital News: Precog Raises $2M
BOULDER, CO, Provider of infrastructure APIs for data analysis, today announced that it has secured $2M in funding led by RTP Ventures.
Precog, the market-leading provider of infrastructure APIs for data analysis, today announced that it has secured $2M in funding led by RTP Ventures, and joined by Resonant Ventures and David G. Cohen. The money will be used to advance Precog's data analysis technology, launch marketing and business development programs, and accelerate the company's growth and customer successes.
Precog is capitalizing on the explosion of data-driven applications -- applications that collect and analyze huge amounts of multi-structured data to power a wide range of product features, including personalization, recommendations, insights, reporting, predictions, and real-time decision-making. Precog's enterprise-class infrastructure APIs allow application developers to quickly and easily incorporate these and other data-driven features into their applications.
"We're on the cusp of a data-driven revolution," says John A. De Goes, CEO of Precog. "Applications are becoming increasingly sophisticated in their use of data. We provide application vendors with the ability to solve any problem in data analysis without having to write piles of code or maintain costly big data infrastructure. We let developers focus on what they want to do with their data, instead of how to do it, and in the process, we save companies millions and years in R&D."
Precog's technology is currently powering insights and intelligence in a growing number of third-party applications across many verticals. "Working with the Precog team has been fantastic," says Eli Portnoy, CEO of ThinkNear, a mobile advertising platform with pinpoint ad targeting. "The product was simple to setup, and the team has been incredibly responsive and wonderful to work with." ThinkNear uses Precog's analytics platform to capture thousands of interactions per second, and then surface high-level insights to advertisers based on an analysis of this data.
"Investor frenzy surrounding Big Data makes finding a star company in this space akin to finding a needle in a haystack." said Kirill Sheynkman, Senior Managing Director of RTP Ventures. "Precog is a rare find. It is a company taming big data volume and velocity challenges by creating a uniquely-architected, cloud-centric, developer-friendly, SaaS platform for integrating, enhancing, and accessing huge sets of dynamic information. For an investor who spent twenty years building data-centric infrastructure businesses, seeing something shiny in Big Data's murky waters was an epiphany."
Sheynkman will join Precog CEO John De Goes and SendGrid CEO Jim Franklin on the company's Board of Directors. "I eagerly look forward to actively working alongside Precog's talented team, look forward to giving this diamond of a company the clarity and the cut it deserves," said Sheynkman.
Precog provides infrastructure APIs for data analysis to help developers incorporate intelligence and insights into their applications. Headquartered in Boulder, Colorado, Precog has been described as the Twilio of big data analytics, providing super simple APIs that help developers solve arbitrarily complex problems in big data analysis.
Precog was founded by John A. De Goes, veteran technologist and big data expert, and officially unveiled at the Strata big data conference in February 2012. The founding team consists of well-known engineers with backgrounds in big data, analytics, langauge theory, and machine learning.
About RTP Ventures
RTP Ventures is the US arm of ru-Net, an international investment company with a portfolio that spans US, Europe, Russia, Europe, India, Turkey and Southeast Asia. ru-Net's portfolio includes features exciting internet and IT companies such as Yandex, Russia's #1 search company (traded on the NASDAQ), where ru-Net was first investor. RTP's US portfolio includes leading internet and software companies like GridGain Systems, Koding, CrowdControl Software, and Drawn To Scale. RTP has offices in New York City and Boston.
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