Tuesday afternoon DataRPM announced closing a $5.1m funding led by InterWest Partners, with more backing from previous seed investor CIT GAP Funds. The Fairfax company will use the new capital to boost its natural language search engine for business intelligence data analyses and expand to new markets.
Founded in 2012 by serial entrepreneur Sundeep Sanghavi, DataRPM aims to give corporations and the business-minded an opportunity to digest huge data sets without learning a complex skill set to do so. The Virginia company has plenty of competition in companies like Looker and ClearStory Data, but the business intelligence software market is a massive one – think $15 billion, maybe more.
“Our mission is to simplify business intelligence,” Sanghavi said in a statement. ”We provide insights, actions, and results from of the massive amount of data with a machine first, removing the cumbersome manual lift. Pairing our computational search platform with machine learning and natural language interface, greatly simplifies the process of gaining insights from data.”
Before founding DataRPM, Sanghavi founded Razorsight and SearchRidge, both of which are still operating and headquartered in the D.C. metro area.
It was just November of last year that DataRPM received its $800,000 seed funding from Virginia’s CIT GAP Funds and 20K Industries. In an unheard of amount of time, the company was able to turn around and raise its Series A.
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