Saffron Technology scores $7M in Series B funding round
Cary, North Carolina-based Saffron Technology secured $7 million for its Series B funding round, a statement about the funding said.
The names of the investors were not given in the statement. However, the company will used the funds to hasten its growth as well as for the opening of a new worldwide headquarters in Silicon Valley in spring this year. Part of the funds will also go towards growing its customer-centered service teams, establishing a robust brand presence and scaling operations, the statement said.
Established in 1999, Saffron Technology puts together powerful computing platforms and natural intelligence to help companies, government and non-government firms evaluate risk, forecast results and come up with better decisions. Saffron Technology CEO Gayle Sheppard said in the statement, "Data becomes infinitely more powerful when you tie together its meaning from a multiplicity of disparate sources. Our patented Natural Intelligence Platform unifies all kinds of data - structured and unstructured- in real time, from a large variety of sources and continuously learns about the things in the data without the need for pre-determined rules or models."
Saffron Natural Intelligence works is best used in industries like manufacturing, retail, defense and healthcare where operational risk intelligence and decision support are needed in real-time. Enterprises also benefit from Saffron because the productivity rise and expense reductions are the natural consequence of making better, well-informed decisions, the statement said.
Sheppard added, "Now you can automatically see converging and other patterns to anticipate outcomes and prepare to act. These capabilities, combined with our customers' success with Saffron, position us well for growth."
Saffron likens its Natural Intelligence Platform as similar to the human brain because it can associate new data inputs with existing ones while learning continuously. However, the company said it can do more than the human brain because there is no limit to its size and can thus handle massive amounts of data so it can "better anticipate trends and identify anomalies," the statement said.