Big-data startup Dataiku Inc. has just raised a hefty $101 million in a round of funding announced Wednesday.
The Series C round was led by ICONIQ Capital, with participation from Alven Capital, Battery Ventures, Dawn Capital and FirstMark Capital. It brings its total funding to date just north of $146 million.
Not everyone has heard of Dataiku, but the company has been helping enterprises such as General Electric Co., Unilever Plc. and BNP Paribas S.A. derive meaning from their unstructured data for years. Unstructured data is information in many different forms that doesn’t hew to conventional data models and thus typically isn’t a good fit for mainstream relational databases.
But thanks to the emergence of alternative platforms such as Dataiku’s, it is increasingly prevalent in information technology systems and is used by organizations in a variety of business intelligence and analytics applications. Dataiku’s goal is to help enterprises find meaning in their unstructured data.
Supporting a wide array of database formats and sources including Hadoop and NoSQL, its platform allows companies to do several useful things with their data. They can clean it, visualize it and run algorithms on it in order to build machine learning models and more. Dataiku also offers a visual coding tool for building applications that can leverage said data.
Dataiku also wants to democratize access to data, so its platform has been designed in such a way that it’s easy to use by anyone, including data scientists and business analysts. Customers use Dataiku’s tools for tasks including detecting fraud, forecasting demand, optimizing lifetime values and more, the company said.
“Dataiku solves a real and rapidly growing market need for businesses to extract measurable value out of massive and disparate streams of data,” said Adar Zango, principal at ICONIQ Capital. “Importantly, the platform achieves this with a highly differentiated cloud-based approach that democratizes data at scale and engages a variety of personalities in a collaborative fashion: data scientists, data engineers, data analysts and business analysts are able to work together on a single platform to quickly derive insights.”
Dataiku said it has big ambitions that reflect the size of its latest funding round. The company plans to double its staff and open new offices in Singapore and Sydney in order to target the Asian and Australian markets.