Irish firm Analytics Engines secures $1.6M in funding
Analytics Engines has raised $1.6 million (£1 million) in a recent financing round. The Irish firm has developed a plug-in system that speeds up big data applications, wrote TechCrunch.
Silicon Republic cited Chief Executive Officer Stephen McKeown explaining the firm's product: "The Analytics Engines suite of plug-in accelerators allows increasingly complex analytics and enhanced real-time processing of big data in areas such as database analysis and transactional processing, to financial risk and medical imaging. Tasks that formerly took hours to perform are now possible in minutes - this creates significant business opportunities that were unobtainable only a few years ago."
Crescent Capital was the lead investor in this round. Analytics Engines plans to use the capital infusion to diversify into new industries. The Belfast-based firm will also develop its product and expand its market reach, the report detailed.
Philips Healthcare, Credit Suisse, and SAP are among the partners of Analytics Engines, TechCrunch reported.