US-based data discovery and analytics technology provider Enigma raised $28.2m in series B funding yesterday from investors including payment services firm American Express, cable service provider Comcast and media company The New York Times Company.
American Express and Comcast, which invested through their American Express Ventures and Comcast Ventures subsidiaries, and New York Times were joined by New Enterprise Associates, which led the round, Two Sigma Ventures and New York City Investment Fund.
Enigm’s Abstract platform and Signals analytics engine help businesses and governments find new insights from ‘hidden’ data in their possession, and from public records, making it easier for them to make effective decisions.
Marc DaCosta, chairman of Enigma, explained: “Enigma was created out of a realisation that there is a massive amount of hidden knowledge that is locked away in various data silos and legacy systems – when people have the tools to make sense of it, data can drive significant and impactful change.
“Abstract and Signals make it easy for organisations of every kind to liberate their own private data and unearth new insights that will allow them to make smart decisions, increase efficiency and compete more effectively.”
Comcast Ventures led Enigma’s $4.5m series A round in February 2014, investing alongside American Express Ventures, The New York Times Company and Crosslink Capital.
The company had already raised about $1.9m in seed funding from TriplePoint Capital, Crosslink Capital and a host of angel investors over the course of 2012 and 2013.
The series B funding will be used by Enigma to expand its product offering, its team, and the array of public records to which its software has access.