News: Claims that combining technology means drastically shorter data crunching times
Big data analytics firm Platfora announced $30 million in growth-stage financing from investors HSBC and Harmony Partners, with participation from earlier-stage backers including Allegis Capital, Andreessen Horowitz, Battery Ventures, Citi Ventures, Cisco, Sutter Hill Ventures and Tenaya Capital.
This round brings Platfora’s total amount raised to $95 million.
The firm said it signed dozens of new customers including consumer brands Sears, TiVo and Kelley Blue Book.
"Organizations of all types are facing big challenges to harness the power of big data analytics and need to empower business users with the right tools to address them," said Remi Bourrette, Head of Strategic Innovation Investments, HSBC. "We identified Platfora as a partner in this field, given it’s an important player in an evolution that could affect many industries the way business intelligence did in the early 2000s."
Platfora says it combines traditionally separate tools — analytics, business intelligence, data visualization, data preparation and in-memory acceleration.
Its ‘s big data discovery platform reduces project completion from 12-18 months to a matter of hours, it claims.
"Platfora provides answers faster than conventional data warehouses and BI environments ever could, and at about 1/10th the cost," said Tom Chang, Software Engineering Manager, Cisco WebEx.
"Self-service platforms such as Platfora unleash the expertise of data scientists," said Chris Kudelka, Data Engineer, Riot Games. "Insights from League of Legends’ 67 million monthly active users led to actions taken that improved the overall player experience."
Platfora is Gaining Steam as it Heads into 2016
Tthe company announced its prior financing round of $38 million in March 2014