I am pleased to announce that DataRPM has raised $5.1 million in a funding round led by InterWest Partners and with additional funds from our existing angel investors CIT GAP Fund. This investment is a direct reflection of the exciting things our customers and users, partners and well-wishers are doing with the DataRPM platform. This exciting announcement also validates the breakthrough solution that our talented team continues to build. We aren’t just building a BI tool, we’re creating a platform that rethinks how we find value in data.
If you’ve been following DataRPM from the beginning, you know we have been playing the disruption game since day one. This drive to disrupt can be attributed in no small amount to the efforts of my much smarter co-founders, Ruban Phukan and Gautam Shyamantak and the team they assembled over the last two years. The team has worked furiously and with the utmost care, quality and innovation, and delivered the most intuitive Single Stack BI platform available on the market today. A big ‘thank you’ to all who participated in our Alpha and Beta programs, who come to our meetups, and who have built your applications and businesses on DataRPM. Please continue to share your DataRPM experiences with us and with others.
How We Got Here
From our first Bangalore, India-based office, where my co-founders Ruban and Gautam, and three employees developed the disruptive computational search engine platform, we’ve grown to a 25+ person company with offices in Bangalore, Washington DC, and the San Francisco Bay Area. Within the first six months of DataRPM’s launch, we had paying customers across a diverse array of industries -software, financial services, communications, and media. Thanks to the continuous innovation Ruban and Gautam provided to launch our Natural Language Analytics front end, companies are able to focus on game-changing data rather than trying to figure out how to ingest data and stare at static reports and dashboards.
Where We Are Going
The speed at which data is transforming the analytics market is positively staggering. Our team is again disrupting and building out the back end platform to complete our Single Stack solution of Cognitive BI. Cognitive BI is a combination of statistical, machine learning and artificial intelligence algorithms. The approach uses the machine for the up-front heavy lifting, allowing people to spend more time applying their domain expertise and decision making to quality data. No one else is doing this. Instead, BI users spend as much as 80 percent of the data analysis process on data modeling, and then are forced to navigate over complicated UI.
Why We Picked InterWest Partners
Given our growth and position at the intersection of several trends — BI, big data, IaaS, Paas, cloud, SaaS — we were in the very fortunate position of being able to pick our fund. InterWest has an established track record in platform plays like Marketo. Once Khaled Nasr, partner at InterWest, and his team were convinced that they wanted to bet on our Platform, he mobilized his team to move fast and decisively, including hiring industry experts from the likes of IBM, Facebook, and others to vet our technology.
InterWest’s willingness to dive in made a huge difference for us. We are a company that likes to move fast. We appreciate a fund that moves fast as well. Scaling a rapidly growing SaaS company is tough work, and we are pulling in all of the possible expertise we can. InterWest has great team of talented folks who are assisting in this process and helping accelerate our go-to-market strategy.
Who We Want To Thank
There is a long list of important people who have played a critical role in our success to date. I wish I could thank all of them individually. Most importantly, I would like to thank our customers who have realized our vision of Cognitive BI. Our incredible, hard-working team in Bangalore and US constantly amazes and humbles me with the quality of their work and their commitment to our customers’ success. Of course, we would like to thank our angel investors, board of directors and advisors, partners, well wishers as well as Mike Lincoln and the Cooley team as it’s been great to work with them hand in hand to grow DataRPM.
This is a great milestone in the growth and development of DataRPM and we are excited to launch Cognitive BI platform at the Gartner BI Summit in Las Vegas on March 31st. While I can’t yet hint at what else Ruban and Gautam have in store for rest of the year, I am super excited about rolling out the Cognitive BI Platform to the masses. Thank you again all for your continuous support and well wishes!