Data Unifier Tamr Adds More VC Funding
Tamr Inc., the enterprise data integration specialist, added another $10 million in equity funding to its recent $18 million round announced in July.
While the five-year-old company reportedly expected its July funding round to be its last, two new investors—Granite Hill Capital Partners and Pear Tree Partners—kicked in the additional funding, bringing Tamr’s total so far to $69.2 million.
Tamr, the MIT spinoff based in Cambridge, Mass., also said Tuesday (Sept. 18) it was adding four new board “observers,” including Samsung Ventures’ U.S. East Coast manager.
The new funds will be used to expand Tamr’s continuing push into the enterprise market with its “machine-driven, human-guided” approach to data integration. The company’s Unify data platform leverages machine learning for big data curation tasks as a way of moving beyond the limits of traditional rules-based data integration frameworks.
Tamr’s software uses machine learning and predictive algorithms to automate the transformation of semi-structured data such as CSV files into more usable formats. This approach works on about 90 percent of data, the company said.
Andy Palmer, Tamr’s co-founder and CEO, said the $10 million cash infusion completes what appears to be the company’s final funding round.
Tamr, which originated as a research project in co-founder Mike Stonebraker’s graduate class at the Massachusetts Institute of Technologies, was spun out of MIT’s Computer Science and Artificial Intelligence Laboratory in 2014 with a novel approach to data preparation. The company subsequently emerged from stealth later that year to enter the market for data preparation software, which according to market tracker Gartner Inc. (NYSE: IT) is attracting $780 million in annual spending.
Previous Tamr venture funders include SBI Investment, INTAGE Open Innovation Fund, Samsung Ventures, Fenox Venture Capital, and Alumni Ventures Group.