DataRPM, a Big Data analytics startup selling business intelligence software, has secured $5.1 million in a Series A round of funding from US-based investor InterWest Partners with participation of existing investor CIT Gap Funds.
Ruban Phukan, co-founder and chief product officer of DataRPM, said the deal is for a minority stake without disclosing the valuation.
The firm was started two years ago by Shyamantak Gautam, Sundeep Sanghavi and Phukan.
Major chunk of the funding will go into sales and marketing efforts besides R&D activities. Also, the company is planning to double up the employee strength from the current 25 over the next three months.
DataRPM is headquartered in the US and has its R&D centre in Bangalore.
“Right now, we are targeting primarily the US market. But after this funding, we are also going to focus on Asia Pacific, including besides the European markets. We would like to keep the R&D division in Bangalore and we would probably open some additional offices in the US to support our customers. Therefore, primarily our technology focus stays in India,” Phukan added.
DataRPM develops cloud-based business intelligence software which uses natural language processing. It automates the data modelling process and simplifies analytics through an interface that frames questions and answers in the natural language, it said in the statement.
Previously, it had raised around $800k in seed funding.
In the space, the company is competing with the firms like IBM’s artificially intelligent computer system known as Watson that offers business intelligence software platform to answer questions posed in natural language.
(Edited by Joby Puthuparampil Johnson)