Enigma Raises $28.2M in Series B Funding
NEW YORK, N.Y., June 23 — Enigma, a data discovery and analytics company enabling better decision-making by organizations and individuals, announced today that it has secured a $28.2 million Series B funding round led by New Enterprise Associates (NEA) with participation from Two Sigma Ventures and New York City Investment Fund, as well as existing investors American Express Ventures, Comcast Ventures and The New York Times Company.
Founded in 2011, Enigma is known for providing users the ability to search, discover and connect billions of previously unlinked public records from thousands of governments and organizations across the world. With a turn to the enterprise market, Enigma brings its unique corpus of public data to bear on the problems and operational challenges facing the Fortune 500. This funding will help Enigma build its core team with talented, data-driven professionals, and aid in the expansion of Enigma’s enterprise offerings, the Abstract platform and Signals analytics engine.
“Enigma was created out of a realization that there is a massive amount of hidden knowledge that is locked away in various data silos and legacy systems — when people have the tools to make sense of it, data can drive significant and impactful change,” said Marc DaCosta, co-founder and chairman of Enigma. “Abstract and Signals make it easy for organizations of every kind to liberate their own private data and unearth new insights that will allow them to make smart decisions, increase efficiency and compete more effectively.”
Current customer and pharmaceutical leader Merck & Co. works with Enigma to help streamline its complex, global operations. “Quality public data is an important asset for us,” said Michele D’Alessandro, VP and CIO of Merck Manufacturing IT. “We have been working with the team at Enigma for about a year now, and have been using their Abstract, Signals engine, and Public Data products with much success.” This not only helps improve efficiencies across Merck’s complex global supply chain but also, as Sanat Chattopadhyay, SVP of Merck Global Manufacturing Operations, notes, Enigma “helps us to bring innovative approaches to our company’s inventory and cost control.”
“Enigma presents an incredible opportunity for organizations in any industry to put data analytics to work in a way that drives action and pushes the bottom line forward, and NEA is pleased to support them with this investment,” said Scott Sandell, managing general partner, NEA, and current Enigma board member. “Through its deep engagement with numerous Fortune 500 companies, Enigma has proven that combining insights from public data with a company’s own proprietary data can be a powerful tool for unlocking value.”
Enigma helps enterprises act more intelligently through its two enterprise offerings, the Abstract platform and Signals analytics engine. Abstract, with its roots in Enigma’s Public Data discovery platform, enables all of an organization’s data silos to be seamlessly unified in a single, high-performance analytics platform. Just as the Enigma Public Data platform has collected, organized and made searchable information from billions of public records, Abstract can assemble and analyze an organization’s data across formats, systems, locations and business units. Abstract is the scaffolding that helps organizations unlock the transformative power of their data. With Abstract, organizations can ingest data from almost any source to make it searchable and manipulable, facilitating discoveries in their own data and driving business decision-making.
For many organizations with large data collections, details found in bits of isolated data and the streams of information that generate them don’t tell much on their own. Enigma’s Signals engine is a purpose-built data service that can combine public and internal data in customized applications tailored to deliver key insights. Amidst the bewildering clamor of data streams and systems, Enigma’s Signals engine helps organizations find the exact insights they are looking for and make smarter decisions in a scalable way.
In addition to expanding its enterprise offerings and adding to its team, Enigma will continue to build its expansive collection of public data produced by governments, universities, companies and other organizations, and offer open access to its platform for individuals to view and analyze that data as they wish. For more information on Enigma, visit www.enigma.io.
Enigma is a passionate and curious team with a strong belief in the transformative power of data. Through data discovery and analytics tools, Enigma makes it simple for organizations to harness their own private data as well as for a wider community to explore and build apps on Enigma’s integrated public data collection. Enigma won the 2013 TechCrunch Disrupt startup competition, and received a $4.5 million Series A funding round in 2014 and a $28.2 million Series B funding round in 2015 to expand its operations. For more information, visit www.enigma.io.