The Hive Gets $22m to Fund Data Science Start-Ups

In the US, company incubator and accelerator The Hive has closed a $22m round of funding, which it will use to launch up to ten new companies focused on innovations in data science.

Founded in 2012 and based in Palo Alto, California, the firm helps create data-focused start-ups, providing the capital, company-building support, and technology resources needed to launch them. This includes initial seed capital of $1.5m to $2m, follow-on capital, and also help in syndicating future rounds of financing. Its technology team provides architecture and design guidance and use of an open source-based big data app server.

Since it was set up, The Hive has funded and launched eleven companies, as well as a big data think tank community, comprising more than 6,500 entrepreneurs, business professionals and technologies who share thought leadership, knowledge and trends.

New funding has come from investors such as AME Cloud Ventures, March Capital Partners, MDC Partners and Verizon Ventures, along with individual investors from companies like Facebook, Google, Yahoo, Microsoft, Pivotal, Walmart, UC Berkeley and Stanford University. Co-founder Sumant Mandal (pictured) comments: 'Our experience in creating multiple successful companies over the last decade has enabled us to structure The Hive's model of bringing companies to market quickly and successfully, The Hive is building a whole new wave of companies with the world's best people around big data and machine learning.'

Web site: www.hivedata.com .