Quid, a US-based text analysis software developer backed by corporates RELX, Salesforce, Lixil and Liberty Interactive, has agreed to merge with social media analytics business NetBase.
Founded in 2010, Quid develops analytics software that relies on natural language processing to produce visual diagrams from collections of web-based written content. Its algorithms are designed to pick up context, providing insights surrounding matters such as narrative and mentions of certain brands.
The combined company, NetBase Quid, will aim to provide enhanced text analytics targeting sources including social media, review websites, patent applications and business filings.
Quid had raised a total of more than $90m as of a $37.5m round in late 2018, from backers including REV Ventures and Salesforce Ventures, the corporate venturing arms of data analytics provider RELX and enterprise software provider Salesforce, as well as media group Liberty Interactive and building materials supplier Lixil.
Artis Ventures, Founders Fund, Subtraction Capital, Tiger Partners, Buchanan Investments, Thomas Lee Limited Family Partnership II, and assorted private investors had also contributed to the company’s funding.
NetBase had secured approximately $95m from financial services provider Orix’s venture capital arm, Orix Ventures, in addition to Thomvest Ventures, Spring Lake Equity Partners, Altos Ventures, WestSummit Capital and SAIF Partners pre-merger.