RapidMiner Nabs $15M in Funding
BOSTON, Mass., Feb. 18 — RapidMiner, the industry’s easiest-to-use Modern Analytics platform, today announced it closed $15 million in Series B investment led by Ascent Venture Partners and Longworth Venture Partners, with renewed commitment from Series A investors, Earlybird Venture Capital and Open Ocean Capital. This brings the total investment in RapidMiner to $20 million. The new capital will enable RapidMiner to execute on aggressive growth plans as the company furthers its global agenda to bring self-service advanced analytics to next-generation data scientists.
“The Big Data rush is here today, and companies that can quickly and efficiently capitalize on this will emerge leaders,” shared Luke Burns, partner at Ascent Venture Partners. “RapidMiner’s code-free advanced analytics platform puts the power of modern analytics into the hands of business analysts and data scientists, optimizing productivity and making it easier for anyone to use predictive analytics.”
RapidMiner reached a number of major growth milestones since closing its initial investment round in late 2013, including its acquisition of Radoop, a code-free environment for distributed analytics in Hadoop. RapidMiner Radoop added significantly to the company’s rich analytics platform, resulting in the most comprehensive modern analytics offering on the market.
“RapidMiner is the only code-free predictive analytics solution on the market that can execute analytical processes in-memory, in-Hadoop, in-Cloud, in-Stream and in-database,” added Nilanjana Bhowmik, partner at Longworth Venture Partners. “We’re consistently seeing the RapidMiner team push the envelope and look ahead at what its community of users need for accurate business decisions, making it the dominant leader of the next generation of modern analytics platforms.”
In the last year, RapidMiner has:
- Tripled product revenues.
- Secured dozens of net new customers and strategic partnerships including Corning, Ustream and Hitachi, Ltd.
- Received recognition from Gartner, Inc., placing the company in the leader quadrant in the “Gartner Magic Quadrant for Advanced Analytics Platforms” in February 2014.
- Directly addressed the Internet of Things (IoT) and machine-to-machine communications with the debut of RapidMiner Streams, a code-free environment that simplifies and distributes analytics on Apache Storm.
- Brought to market several new editions of its platform to support predictive analytics in the cloud, streaming data and Big Data analytics in Hadoop.
- Grew RapidMiner’s community to more than 250,000 active users along with the number of paid subscribers over the last two years.
“The fast growth at RapidMiner is evidence of the strong demand in the market for a platform that accelerates time-to-value for customers,” said Jason Whitmire, partner at Earlybird Venture Capital. “Putting the power of Big Data into the hands of business users is something that’s historically been difficult to execute, but RapidMiner and its strong community prove it’s possible today.”
RapidMiner plans to grow its 60+ person global team with this latest infusion of capital. Key hiring areas include partnerships and alliances, research and development, sales and marketing, product marketing, support and general administration.
“We’re thrilled to strengthen the RapidMiner team with such strong investment partners who understand the importance of Big Data analytics in the enterprise,” said Ingo Mierswa, co-founder and CEO of RapidMiner. “This new capital will allow us to invest further in strengthening our leadership position as the de facto modern analytics platform.”