Vertica and Netezza were two of the most prominent analytics technology success stories in Boston of the past decade. A Cambridge startup is now looking to lead the next wave.
Cambridge’s RapidMiner on Wednesday announced it’s raised a $15 million Series B round to expand its analytics technology that's used by companies to turn their big data into predictions about their businesses.
The round was led by two local venture capital firms, Ascent Venture Partners of Boston and Longworth Venture Partners of Waltham.
Customers of RapidMiner include PayPal, eBay, Volkswagen, Cisco and Deloitte. RapidMiner’s software is used by data scientists and business analysts for making predictions as diverse as marketing response rates, customer churn and fraud.
Along with helping to optimize businesses, RapidMiner contends that its software is the easiest-to-use in its segment of the industry. For one, RapidMiner doesn’t require users to ever interact with or write software code. The company is “the dominant leader of the next generation of modern analytics platforms,” said Nilanjana Bhowmik, partner at Longworth Venture Partners, in a news release.
The company employs 60 globally and will use the new funding to “execute on aggressive growth plans,” the release said. Other investors in the round included Series A investors Earlybird Venture Capital and Open Ocean Capital.
RapidMiner has now raised $20 million total to date, including the $5 million Series A the company closed in late 2013, at the same time it moved its headquarters to the Boston area from Germany.
Earlier on in the life of the company, RapidMiner’s team purportedly used its analytics to correctly predict Spain as the winner of the 2010 World Cup prior to the start of the tournament.
