Venture Capital News: Paxata Grabs $33.5M Fourth Round
REDWOOD CITY, CA, Leading enterprise-grade, self-service, Adaptive Information Platform that serves the needs of both the business consumer and IT, today announced it has raised $33.5M.
Paxata, provider of the leading enterprise-grade, self-service, Adaptive Information Platform that serves the needs of both the business consumer and IT, today announced it has raised $33.5 million in its fourth round of investment. The latest round was led by Intel Capital, along with new co-investors Microsoft Ventures, Cisco Investments, Deutsche Telekom Capital Partners and AirTree Ventures, as well as existing investors, including Singapore-based EDBI, In-Q-Tel and Accel.
The latest round of funding will be used to further accelerate the core semantic and machine learning underpinnings of Paxata's next generation Adaptive Information Platform and continue expanding the company's global presence into Europe and high-growth markets. Additionally, Paxata will extend its industry thought leadership and education around intelligent information management to help business analysts, Chief Data Officers, and IT management.
'In 2013, we pioneered the self-service data preparation category,' said Prakash Nanduri, CEO and co-founder of Paxata. 'After demonstrating over 250% growth in bookings year-over-year by serving the world's largest and most reputable brands, we are now poised to extend our leadership as we continue to disrupt the $20 billion Enterprise Information Management (EIM) market with the power of algorithms, in-memory, distributed computing, hybrid cloud architecture and an unparalleled consumer experience.'
Paxata will be part of Intel's partnership program for the open-source Trusted Analytics Platform (TAP) project. Complementing TAP's integrated platform for creating and deploying analytics-powered solutions, Paxata's innovative implementation of machine learning, natural language processing and semantic analysis improves the user experience using modern data and analytics platforms based on IntelÂ® XeonÂ® processors.
'Intel and Paxata share the view that accurate and timely information is the foundation to insight gleaned from massive amounts of data, which has the ability to dramatically transform business,' said Ron Kasabian, Vice President and General Manager, Analytics and AI solutions, Intel Data Center Group. 'The combination of big data, high-performance distributed computing, and sophisticated algorithmic intelligence leveraging Paxata's Adaptive Information Platform on IntelÂ® Architecture is critical to accelerating time to insight.'
Igor Taber, who led the investment for Intel Capital, will also be joining Paxata's board.
'We have long been at the forefront of making strategic bets on key technologies that drive value for our business,' said Mike Burns, Vice President of Enterprise Architecture at Cox Automotive. 'After evaluating a number of solutions in the market, it became clear that working with Paxata was one of these opportunities. Their enterprise-class, self-service Adaptive Information Platform meets the dynamic requirements of our business teams' with a visual, no code, interactive user experience on large data volumes and is coupled with a secure, governed, enterprise-class platform that is easily deployed both on-premise and in the cloud. We are really pleased to see that Paxata is being backed by the leading financial and corporate partners to deliver on its great vision.'
At Paxata, we turn raw data into trustworthy information at the speed of thought. We provide an Adaptive Information Platform that enables business analysts with an enterprise-grade, self-service data preparation system to support the on-demand and ad-hoc business data needs for analytics, operations and regulatory requirements. Business analysts work within an intuitive, visual application to access, explore, shape, collaborate and publish data with clicks, not code, with complete governance and security. IT is able to support the scale of data volumes and variety, enterprise and cloud data sources, and business scenarios for immediate and repeatable data service needs. Built on Apache SparkTM and optimized to run in Apache HadoopTM, Paxata leverages automated artificial intelligence, elastic cloud architecture and distributed computing to deliver an immersive business consumer experience that automates the data-to-insight pipeline. The platform can be deployed both on-premises and in public, private or hybrid cloud environments.
Paxata is headquartered in Redwood City, California with offices in New York, Ohio, Washington DC, and Singapore. Visit www.paxata.com or engage with us on Twitter, LinkedIn, Facebook, or YouTube.
About Intel Capital
Intel Capital, Intel's strategic investment and M&A organization, backs innovative startups targeting computing and smart devices, cloud, datacenter, security, the Internet of Things, wearable and robotic technologies and semiconductor manufacturing. Since 1991, Intel Capital has invested US$11.7 billion in 1,457 companies in 57 countries, and 605 portfolio companies have gone public or been acquired. Through its business development programs, Intel Capital curates thousands of introductions each year between its portfolio executives and Intel's customers and partners in the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
About Deutsche Telekom Capital Partners (DTCP)
Deutsche Telekom Capital Partners (DTCP) is Deutsche Telekom's investment management group. With approximately $2 billion under management and advisory, and a portfolio of over 70 companies, DTCP provides venture capital, private equity, and strategic advisory services to the technology, media and telecommunication sectors. Operating as a bridge between Europe, Silicon Valley and Israel, the company connects people, capital, and ideas to accelerate innovation and provide value to its portfolio companies, its limited partners, and the connected world. Twitter @TelekomCapital
About AirTree Ventures
AirTree, Australia's largest venture firm, partner with world-class entrepreneurs by providing early and growth stage financing, advice, connections and operational know-how. AirTree Founders are entrepreneurs themselves, having started companies and run large consumer and enterprise businesses across the globe, and have established an excellent track record as on-the-ground local partners to some of the world's largest technology businesses entering the Australian market. AirTree is Australia's only venture firm with a globally top decile track record. www.airtree.vc Twitter @airtreevc
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