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IVP leads $30.6m Series B for big data company Ayasdi

16 Jul 2013

data2_lrgVenture capital firm Institutional Venture Partners (IVP) has led a $30.6 Series B round for Stanford University spin-out Ayasdi, which expects to double in size within a year.

New investors GE Ventures and Citi Ventures also participated in the round, as did existing backers Khosla Ventures and FLOODGATE, which led a $10.6m round for the company in January.

Ayasdi has developed a technology that helps organisations find breakthrough insights in large and complex datasets.

The company will use the funds to accelerate the development of machine learning systems and TDA-based approaches ass well as for continued automation of its machine learning techniques.

Ayasdi’s clients include General Electric, Citigroup, Merck, Anadarko, the US Food and Drug Administration, Texas A&M University, and Harvard Medical School.

IVP general partner Steve Harrick said, “The big data market is expected to grow exponentially over the next few years, and the new frontier will be pioneered by the technologies that leverage the strengths of both humans and machines.

“In a remarkably short time, Ayasdi has not only developed a breakthrough technology, but also gained an impressive foothold in the market. I am looking forward to working with their leadership team to build upon that momentum and pursue the company’s next stage of growth.”

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