Tamr Receives $25.2 Million in Financing
CAMBRIDGE, Mass., June 19 — Tamr, Inc., the company co-founded by database pioneer and 2014 ACM A.M. Turing Award winner Michael Stonebraker, Ph.D., today announced that it has raised $25.2 Million in Series B financing from Hewlett Packard Ventures, Thomson Reuters, MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Company (MassMutual), and others. Current Tamr investors NEA and Google Ventures also participated in the round. Tamr will use the funds to significantly grow sales as well as product engineering for Tamr’s scalable data unification platform.
Professor Stonebraker, Tamr’s CTO, will receive the Turing Award, often called the “Nobel Prize of Computing,” tomorrow at the 2015 ACM Awards Banquet in San Francisco. The award recognizes his extensive contributions to modern database systems, including founding Tamr and eight other start-up companies to commercialize database technologies.
The new investment by Hewlett Packard Ventures, Thomson Reuters, MassMutual Ventures and existing investors indicates both the broad adoption of Tamr by many of the largest companies in the world and broad recognition of the data-variety challenge faced by companies in many industries across many applications.
“We have strong and deep relationships with our partners at Hewlett Packard, Thomson Reuters and MassMutual Ventures, and we’re looking forward to extending our partnerships with them,” said Tamr co-founder and CEO Andy Palmer. “By recognizing and embracing the reality of heterogeneous data in large organizations, these companies are enabling themselves and their customers to compete on analytics.”
Said Michael Stonebraker: “Tamr’s technology and approach to scalable data unification will be the next big thing in data and analytics – similar to how column-store databases were the next big thing in 2004.”
“In an increasingly complex world, Thomson Reuters empowers our customers to be more informed, efficient and successful,” said Graham Cousins, Senior Vice President, Platform of Thomson Reuters. “World-class technology, integrated data, and powerful analytics are key to these efforts, and we look forward to working closely with Tamr to develop even more innovative solutions for the industries we serve.”
Tamr’s scalable data-unification platform dramatically reduces the time and effort required to connect and integrate diverse, siloed data for business analytics. Tamr combines machine learning algorithms with collective human insight to identify sources, understand relationships and curate the massive variety of silo-ed data, giving customers dynamic 360-degree views of their businesses. Customers are using Tamr for procurement optimization, customer data integration, clinical trials management and many other use cases.
“HP already has a deep partnership with the Tamr leadership team, and we’re thrilled to strengthen it with this investment,” said Lak Ananth, Managing Director, Hewlett Packard Ventures. “Prior to founding Tamr, Andy and Michael co-founded Vertica, which is now a key pillar of HP’s Big Data platform. As a strategic partner, we’ll help Tamr build enterprise-grade products and a global go-to-market strategy.”
“The insurance and financial services industries have long been drivers in effective data integration, and we are excited to forge a working partnership with Tamr through this investment,” said Allan Campbell, MassMutual’s Chief Technology Officer. “The ability to use 100% of available data opens up many opportunities for additional product innovation and enhancements to meet the demands of our policyowners and customers.”
Mark Goodman, managing director of MassMutual Ventures, added, “We are extremely pleased to be able to support this game-changing technology through our investment in Tamr, a company that we believe will continue to have an impact on the way our industry looks at and manages data.”
In its March 25 announcement of the 2014 Turing award, the ACM said that Michael Stonebraker “invented many of the concepts that are used in almost all modern database systems … Source code from Stonebraker’s systems can be found in many modern database systems. During a career spanning four decades, Stonebraker founded numerous companies successfully commercializing his pioneering database technology work.” The Turing Award is named for Alan M. Turing, the British mathematician who articulated the mathematical foundation and limits of computing.
New investors SineWave Ventures and Work-Bench Ventures also participated in the round.
About Tamr, Inc.
Tamr, Inc., catalogs, connects and publishes the vast reserves of underutilized internal and external data using a combination of machine learning with human guidance so enterprises can use all their data for analytics. Tamr was founded in 2013 by big-data serial entrepreneurs Andy Palmer and Michael Stonebraker, who previously co-founded Vertica Systems (acquired by HP); Ihab Ilyas of the University of Waterloo; George Beskales; Daniel Bruckner; and Alex Pagan. Tamr customers include GE, Novartis, Roche, Thomson Reuters and Toyota Motor Europe.
Source: Tamr, Inc.