Existing investors, which include the corporate investment arm of the Singapore government – Economic Development Board (EDB) – have participated in the $33.5-million Series D round of Paxata, a provider of enterprise-grade self-service data preparation software.
DEALSTREETASIA reported that EDBI led an $18 million Series C investment in the company in September 2015. That particular round saw the involvement of Accel Partners India, Walden-Riverwood Ventures and Toba Capital.
According to Crunchbase data, previous financing rounds include an $8 million Series B led by Accel Partners in October 2013 and a $1.49 million debt refinancing in November 2012. In aggregate, this brings its total funds raised to $59.5 million in terms of equity financing.
The latest round of funding will be used to further accelerate the core semantic and machine learning underpinnings of Paxata’s next generation adaptive information platform and continue expanding the company’s global presence into Europe and high-growth markets.
Additionally, Paxata will extend its industry thought leadership and education around intelligent information management to help business analysts, chief data officers, and IT management.
Speaking on the investment, Prakash Nanduri, CEO and co-founder of Paxata, said, “In 2013, we pioneered the self-service data preparation category. After demonstrating over 250% growth in bookings and serving the world’s largest and reputable brands, we are now poised to extend our leadership and disrupt the $20-billion Enterprise Information Management (EIM) market with the power of algorithms, in-memory, distributed computing, hybrid cloud architecture, and an unparalleled consumer experience.”
Paxata was also recently chosen to be the Adaptive Information Platform within the Intel Big Data & Analytics Trusted Analytics Platform (TAP) initiative, the offering that accelerates the creation of cloud-native collaboration driven by big data analytics.
Paxata was selected to be part of the Intel TAP partnership based on its innovative use of machine learning, natural language processing, and semantic analysis to improve the user experience with modern data architecture.
Ronald Kasabian, VP of Intel Corp. and General Manager of Big Data Solutions for Intel’s Data Center Group, commented: “Intel and Paxata share the view that accurate and timely information is the foundation to insight gleaned from massive amounts of data, which has the ability to dramatically transform business.”
Earlier this year the company expanded its presence beyond North America by establishing its APAC headquarters in Singapore and forging strategic partnerships with Zalesia in South Korea and K.K. Ashisuto in Japan.