Dataminr has raised a USD30m venture capital round of funding led by Venrock and Institutional Venture Partners (IVP).
Dataminr is a New York-based real-time information discovery company.
Dataminr’s real-time analytics engine transforms raw social media streams into actionable signals, providing enterprise clients with one of the earliest warning systems for relevant information, noteworthy events, and emerging trends.
Ted Bailey, founder and chief executive of Dataminr, says: “We are extremely pleased to have secured this new round of capital and the endorsement of such prestigious firms as Venrock and IVP. The competitive advantage of time and unique information that we deliver to our clients cannot be overstated. Dataminr’s world-class team of PhDs and data scientists has spent years mastering the new science of information discovery in social media and has developed highly sophisticated algorithms that break new ground. To meet rapidly increasing demand for our offering, Dataminr will deploy this funding to accelerate growth in our current markets and to expand into new verticals.”
One of Dataminr’s core market verticals is financial services. Dataminr frequently alerts its clients to market-moving information before it appears in news outlets, providing financial professionals with a trading advantage. Dataminr offers a web-based desktop application to buy-side and sell-side clients that delivers early and differentiated information directly into the work-flow of financial professionals.
Nick Beim, partner of Venrock, says: "Dataminr has emerged as the clear leader in the new and valuable category of real-time information discovery, helping identify significant events before they become news. The company has a tremendous opportunity to create systemic disruption in industries that rely on real-time information. I am very excited to be joining the Dataminr board and look forward to helping the company build on its impressive growth."
Norm Fogelsong, general partner of IVP, says: “Dataminr’s tremendous momentum is a natural fit for IVP’s long track record of investing in companies with incredible growth prospects and the ability to scale. We are very pleased to be part of the next stage of the company’s development and growth path.”
Funding includes USD25m from Venrock and IVP and USD5m from existing investors, including GSV Capital Corp, Deep Fork Capital, and Wharton Equity Partners.
