Big data startup Trifacta raises USD12 million in Greylock and Accel-led round
San Francisco-based startup Trifacta recently nabbed additional USD12 million in funding in a new investment round led by Greylock Partners and Accel Partners. The proceeds from the funding were said to go towards adding its technology for the preparation of raw data for analysis and get that technology available to more users. The funding will also help the company add new skilled hands in sales, engineering, and design to its 22-member team.
Trifacta is founded by UC Berkeley computer science professor Joe Hellerstein, Stanford computer science professor Jeffrey Heer and ex-Stanford PhD student Sean Kandel. Hellerstein described the formation of the idea behind Trifecta and told VentureBeat, "(We) took the ideas we've been working on on campus and went off campus to start the company. Data transformation was this ubiquitous problem that everybody complained about."
Trifecta, as explained in the VentureBeat article, speeds up the turnaround time of data scientists in transforming unprocessed data to a clean, more structured form. Although the project is still under wraps, Hellerstein said the product will let users take cues from software intelligence, and software intelligence will do the same with users in a high level.
Hellerstein added that the company already has paying customers but refused to name them. The product, said the co-founder is an on-premise product, which means that the service the product provides is not similar to a public cloud service. However, Hellerstein clarified that the product certainly fits for large companies who are not comfortable uploading big batches of data to a public cloud but is open to product with a hosted service function.
Venturebeat pointed out that a bigger trend is seen in the big data market segment. Citing Pivotal executive Scott Yara at a VentureBeat's DataBeat/Data Science Summit yesterday, the industry has yet to witness a robust funding environment for these types of technologies. This means that investors will be supporting big data startups like Trifecta until it grows to be a respectable vendor that can stand on its own against bigger operations with similar services like Informatica, VentureBeat said in its report.