REDWOOD CITY, Calif., Sept. 09, 2015 (GLOBE NEWSWIRE) -- Paxata, provider of the only Adaptive Data Preparation™ platform for the enterprise, today announced significant momentum and Series C funding, which comes on the heels of announcing 400 percent year-over-year revenue growth, key leadership team hires and their enterprise-grade Summer ’15 release. The latest funding round was led by EDBI, the corporate investment arm of the Singapore Economic Development Board, along with existing investors, Accel Partners India, Walden-Riverwood Ventures and Toba Capital, and industry leaders including Sanju K. Bansal, Co-founder and former COO of MicroStrategy.
With over 50 blue chip customers across Financial Services, Consumer Goods, Retail, High Tech and Public sector industries, Paxata has changed the way business analysts transform their data into valuable business information. Paxata brings together data quality, data integration, enrichment, collaboration and governance in a single platform that empowers the business to work with all the data they need, and meet ITs’ demands for data lineage, project re-usability and governance. Paxata will leverage the latest round of funding to further expand R&D and the customer success organization, in addition to fueling vertical and geographic sales/marketing expansion efforts.
“We are pleased to bring together new and existing investors who share our vision of building a sustainable, long term global business based on sound business fundamentals,” said Prakash Nanduri, Co-Founder and CEO of Paxata. “We are well armed with the financial resources, credibility and the reach to accelerate our growth.”
“An emerging technology category leader like Paxata - with its intelligent data preparation solutions - will help drive innovations across various industry domains and advance Singapore’s position as the data science and management hub in Asia,” said Swee-Yeok CHU, CEO and President of EDBI. “The strong infocomm infrastructure and availability of talent in Singapore make us an ideal location from which Paxata can expand its reach into the region. EDBI is excited to play a part in assisting Paxata in connecting with value-adding partners and potential customers as it executes its Asian growth plans.”
“Twenty years ago, we pioneered a major shift in how data could be accessed and analyzed by business analysts,” said Sanju K. Bansal, Co-founder and former COO of MicroStrategy. "Today, Paxata is at the center of a similar shift, transforming how data is prepared for stress testing, anti-money laundering and other highly complex analytic use cases. As an investor, I'm excited to support Paxata as they serve business analysts and IT requirements which traditional data preparation technologies and approaches simply can’t address.”
Paxata is the only Adaptive Data Preparation™ platform for the enterprise. Paxata’s platform provides an interactive, analyst-centric data prep experience powered by a unified set of technologies designed from the ground up for comprehensive data integration, data quality, semantic enrichment, collaboration and governance.
Information-driven organizations who want to make data worth analyzing use Paxata to explore, clean, shape, and combine all the data they need into rich AnswerSets™ which power ad hoc, operational, predictive and packaged analytics.
Paxata’s platform, built on Apache Spark and optimized to run in Hadoop environments, leverages distributed computing, machine learning and a dynamically visual workspace that promotes transparent governance and ad hoc collaboration. Paxata data prep, powered by IntelliFusion™, is designed to eliminate the need for coding, scripting and sampling. The solution is available as a service, and can be deployed in AWS virtual private clouds or within Hadoop environments at customer sites.
Paxata is headquartered in Redwood City with offices in New York and Washington DC. Visit www.paxata.com, follow @Paxata, connect on linkedin.com/company/paxata, follow us at www.facebook.com/paxata and watch us on http://www.Youtube.com/PaxataTV.