Tenaya Capital leads $38M round for big data firm Platfora
Big data analytics software Platfora secured $38 million in its most recent funding round, TechCrunch reported.
Tenaya Capital led the round for the San Mateo, California-based startup. The round, which brings to $65 million the total funding raised by the company to date, was also joined in by Citi Ventures, Cisco Systems and Allegis Capital. Previous backers like Andreessen Horowitz, Battery Ventures, Sutter Hill Ventures and In-Q-Tel also participated in the fundraising, the report said.
Proceeds from the latest round will be deployed towards getting more people to its team as well as to invest in technology and field organizations so that Platfora will be able to move businesses into big data analytics from its present business intelligence technology based on SQL, a statement about the funding said.
Platfora Chief Executive Officer Ben Werther said in a statement, "Enterprises are awash in data but are struggling to gain useful insights. While intuition is critical in business, business executives readily admit that they are still making too many gut decisions because they cannot adequately access or analyze all of their data to make better informed decisions. They cannot access or interpret these new large and heterogeneous big data sets fast enough. With our big data analytics platform, we're helping organizations participate and win in the Fact-based Economy which we estimate will unlock $5 trillion in new value in the next 10 years through novel uses of big data."
Working with Cloudera, MapR , Amazon EMR and other Hadoop clusters, Platfora is able to turn massive data into predictions, reports and insights. Through its server architecture, delivery of report and analytics is quick and timely, TechCrunch reported.
In the statement, Tenaya Capital Managing Director Brian Paul said, "The widespread adoption of big data infrastructure by mainstream enterprises presents a tremendous opportunity for analytics vendors. We believe Platfora's unique intellectual property and its ability to help any company unlock new business opportunities from their data assets will resonate in the market."