German open source software and analytics company RapidMiner announced today that it has closed a Series A round worth $5 million led by European investors Earlybird Venture Capital and Open Ocean Capital.
In congruence with the financing, RapidMiner (formerly known as Rapid-I) ushers in a number of changes this morning, including a corporate and product rebranding and a move to Boston. According to Xconomy, the company has swiped up space in nearby Burlington, where it will plant its U.S. headquarters.
RapidMiner was launched in 2006 by CEO and co-founder Ingo Mierswa. The company provides open source software and scalable predictive analytics to empower company decision-making and accelerate business growth. Already profitable, RapidMiner has signed on over 400 paying customers, including Lufthansa, PayPal, Telenor, Volkswagen, Pepsi and Siemens.
“Unlike traditional, older predictive analytics solutions, RapidMiner allows users without any programming expertise to quickly analyze enterprise data and build predictive models that keep pace with the requirements of Big Data," noted Usama Fayyad, former Chief Data Officer at Yahoo! and Head of Data Mining at Microsoft, in the press release. Fayyad will also be joining the company's Board of Directors.
RapidMiner currently has an office in Dortmund, Germany, and has recently opened up small spaces in Burlington, Mass. and San Francisco.
