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$35m for Data Management and BI Firm
Data warehousing and business intelligence company 1010data has secured $35m in funding from venture capital firm Norwest Venture Partners (NVP).
The ten-year old company is the brainchild of pioneers of large-scale data systems on Wall Street, and offers an Internet/intranet-based service making it easy to acquire, organize, manage, and analyze large volumes of complex, interrelated data.
The 1010data service is distinguished by its ability to handle very large databases at relatively low cost, without excessive upfront investment of time and effort, says the firm, 'eliminating upfront design and development cycles, data marts, OLAP cubes, indexing and key-field definition' and giving users easy access to highly granular or even raw data via a Web browser. Clients are major corporations in the financial services, retail, CPG and pharmaceutical sectors.
NVP Partner Jon Kossow, who joins 1010data's Board of Directors, comments: 'We believe that 1010data is transforming the data analytics market, [with] an experienced team and a truly disruptive solution. We are proud to be associated with the company, and look forward to great things in 2010 and beyond.'
Joel Kaplan, 1010's President, CEO and co-founder, says the money will help put added momentum behind its marketing and sales efforts this year, while NVP's experience and marketing intelligence will also be invaluable.
The transaction closed last Thursday, 4th March.
Web sites are at www.nvp.com and www.1010data.com .
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