Funds for Big Data Firm Recommind

San Francisco-based information management and analysis software firm Recommind has received $15m in funding from SAP Ventures, and will use the money to develop its CORE technology platform and expand into new markets.

The firm's patented CORE platform sifts and identifies patterns in unstructured, human-generated data including email, text documents, voicemail and social media comments. Profitable now for several years, it turned over $70.5m in 2012. This year, it has launched a tool called the Information Governance Suite, which automatically organises data from throughout the enterprise; and a visualisation and pattern discovery application, Hypergraph.

As part of the new investment deal, SAP Ventures Managing Director Gaurav Tewari will join Recommind's Board of Directors, which also includes former Oracle finance head Jeff Epstein.

Recommind CEO Bob Tennant comments: 'Unstructured data is the largest, fastest-growing part of modern business, and right now it is managed ineffectively... With our CORE platform, we have the opportunity to solve some of the most difficult and costly problems in the enterprise. We're pleased to have a partner like SAP Ventures that shares our vision and can help us reach new heights of success.'

Web site: www.recommind.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.