US-based machine intelligence software provider Ayasdi secured $55m today in a series C round backed by investors including Citi Ventures, financial services firm Citi’s corporate venturing fund.
Kleiner Perkins Caufield & Byers led the round and was also joined by Institutional Venture Partners (IVP), Khosla Ventures, Floodgate, Centerview Capital and Draper Nexus.
Ayasdi produces software that uses topological data analysis (TDA) to extract intelligence from complex data sets. The technology, developed by computational mathematicians at Stanford University, is most commonly used by financial services firms, including Citi, government agencies and healthcare companies.
The round increased Ayasdi’s total funding to approximately $98m since it was founded in 2008.
Citi Ventures previously took part in the company’s $30.6m series B round in 2013 along with GE Ventures, the corporate venturing unit owned by conglomerate General Electric, IVP, Khosla and Floodgate.
Deborah Hopkins, Citi’s chief innovation officer and CEO of Citi Ventures, said: “Citi’s unmatched multinational business footprint creates a complex data analytics landscape.
“Ayasdi’s big data technology simplifies and accelerates the analysis of thousands of discrete variables and delivers insights that enable Citi to tailor services to specific client needs, operate more efficiently and mitigate risk.”