BANGALORE: Big data analytics startup DataRPM has received investment of Rs 31 crore ($5.1 million) in a round led by US-based venture capital firm InterWest Partners as it prepares to expand operations in overseas markets and hire talent. US-based CIT GAP Funds also participated in the deal.
“This investment definitely gives us a boost in our endeavor to grow our research and development centre in Bangalore,” said Gautam Shyamantak, 37, chief technology officer of DataRPM, who cofounded the firm in 2012, along with Ruban Phukan and Sundeep Sanghavi.
With offices in India and United States, DataRPM helps customers mainly technology companies such as MicroPact, Motionsoft and Transaction Network Services mine hidden insights from huge chunks of data or big data using natural language.
DataRPM has developed a unique technology which pairs its computational search platform with natural language and machine learning. This simplifies the process of gaining insights from data.
“Like Apple’s intelligent personal assistant Siri, this is a powerful platform for enterprises to answer their questions when they speak to the data,” said Ruban Phukan, 34. “Our cognitive business solution emulates the human mind,” said Phukan.
“Their combination of affordability and ease-of-use creates the opportunity for companies of all sizes to get meaningful insights,” said Khaled Nasr, partner at InterWest.
“Here one does not need to hire data scientists to crunch data,” said Phukan.