RapidMiner gets $5M funding, rebrands, plans expansion
RapidMiner, formerly Rapid-I, raised $5M from VCs that backed MySQL; rebrands as RapidMiner, renaming predictive analytics products; moves headquarters from Germany to Boston.
BOSTON, MA, Marketwired, Nov 4, 2013.
RapidMiner Inc., the de-facto industry standard for predictive analytics built on an open stack, today announced it closed a $5 million Series A funding round, led by Earlybird Venture Capital and Open Ocean Capital, which is backed by the founders of MySQL. The company will use the capital to expand domestic and international sales and marketing operations in response to expanding demand for its RapidMiner product, and develop additional products in RapidMiner's enterprise-ready predictive analytics product line.
The company was founded in Dortmund, Germany, an area known for statistics and computer science. Now, RapidMiner has chosen Boston as its new headquarters, an area considered a hub of advanced analytics activity.
The changes sharpen the company's identity and make it easier for customers to match RapidMiner products and services to specific enterprise needs. With 35,000 production deployments and 200,000 active users, RapidMiner offers highly scalable predictive analytics applications, including operational dashboards, metrics and performance reports in a single, easy to use platform that seamlessly integrates with popular enterprise data sources.
The company's technology is in use by over 400 paying customers, including EADS, GfK, Lufthansa, PayPal, Pepsi, Sanofi, Siemens, Telenor, and Volkswagen.
"With Big Data being generated during every instance of consumer interaction, RapidMiner is well positioned to help customers quickly discover trends, correlations and opportunities from their data," said Ingo Mierswa, co-founder and CEO of RapidMiner. "The opportunity to bring in investors that have built successful and market leading companies played a big role in our decision making process, and I look forward to accelerating product innovations and revenue growth."