RapidMiner, an open source predictive analytics platform, closed a $16M equity financing round.
New investor, NGP, led the round with participation from existing investors Ascent Venture Partners, Earlybird Venture Capital, Longworth Venture Partners, and Open Ocean Capital. Upal Basu of NGP will join the Board of Directors. This new capital infusion will fuel the growing demand for RapidMiner’s predictive analytics platform.
“We are thrilled to partner with RapidMiner, the leading predictive analytics platform, with a community of more than 250,000 users worldwide,” said Upal Basu, Partner at NGP. “RapidMiner lets organizations turn data into transformative business outcomes and sits at the intersection of important innovation in big data and machine learning.”
RapidMiner is doubling revenue annually and grew to over 100 employees in 2015, driven by increased demand in Fortune 500 organizations. In 2015, for the second consecutive year, Gartner Research positioned RapidMiner in the Leaders Quadrant of the Magic Quadrant for Advanced Analytics Platforms. Forrester Research positioned the company as a Strong Performer in “The Forrester WaveTM: Big Data Predictive Analytics Solutions, Q2 2015” report.
“Legacy predictive analytics approaches have become a barrier to swiftly meeting organizations’ needs for fast insights and action. RapidMiner’s cutting-edge predictive analytics platform empowers data science teams to deliver and operationalize predictive decisions faster than ever before,” said Peter Lee, CEO and President at RapidMiner. “Our platform streamlines the predictive analytics lifecycle and opens up advanced analytics to citizen data scientists. The new funding will allow us to leverage the strength of the product, further invest in sales and marketing, and greatly accelerate our momentum.”
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