Accel Partners has led a $20m Series B financing round for secretive big data business Jut.
LightSpeed Venture Partners and Wing also took part in the round, which Jut said would be used to expand its engineering team and bring the first version of its product to market.
Jut founder and CEO Steve McCanne said, “It’s now clear that open source big data is radically changing the way information infrastructure is architected for scale and cost, but the real opportunity lies in rethinking how enterprise applications are architected so they can make sense out of the massive volumes of big data.”
The company’s vice president of marketing, Apurva Dave, added, “By 2016, analysts predict that big data will drive upwards of $200 billion in IT spending.
“The bulk of that spending won’t be on the underlying infrastructure; it will be on products & services that derive meaning from the data.
“Jut lives above big data infrastructure and provides a better way for enterprises to capture, analyze, and derive insight from complex data.”
Accel previously raised a $100m big data fund in 2011 and has recently been targeting analytics-focused companies, including Sumo Logic, RelateIQ and Causata.
The latest fund – Big Data Fund 2 – is expected to continue that data analytics software-focused strategy rather than target structural database software.