RapidMiner said Tuesday it closed a $16 million equity financing round led by NGP. Existing investors Ascent Venture Partners, Earlybird Venture Capital, Longworth Venture Partners and Open Ocean Capital also participated. Cambridge, Massachusetts-based RapidMiner provides an open source predictive analytics platform.
CAMBRIDGE, Mass., Jan. 5, 2016 /PRNewswire/ — RapidMiner, the #1 open source predictive analytics platform, closed a $16Mequity 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.1 Forrester Research positioned the company as a Strong Performer in “The Forrester Wave™: Big Data Predictive Analytics Solutions, Q2 2015″2 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.”
RapidMiner, the industry’s #1 open source predictive analytics platform, is disrupting the industry by empowering enterprises to include predictive analytics in any business process—closing the loop between insight and action. RapidMiner’s effortless solution makes predictive analytics lightning-fast for today’s modern analysts, radically reducing the time to unearth opportunities and risks. RapidMiner delivers game-changing expertise from the largest worldwide predictive analytics community. For more information, visitwww.rapidminer.com.