US-based business information platform developer Paxata raised $33.5m yesterday in a series D round led by Intel Capital, the corporate venturing subsidiary of chipmaker Intel.
Microsoft Ventures, Cisco Investments and Deutsche Telekom Capital Partners, the respective corporate venturing vehicles for software producer Microsoft, networking equipment provider Cisco and telecommunications firm Deutsche Telekom, also took part.
The round was filled out by venture capital firms Accel and AirTree Ventures, the Singapore government-owned EDBI and In-Q-Tel, the VC representative of the US intelligence community.
Paxata has built an enterprise-grade, self-service platform that helps business analysts, data engineers or data scientists convert raw data into information that can be more precisely analysed.
The company will use the funding to improve its platform’s semantic and machine learning capabilities, and to grow its business in markets including Europe. It is also joining Intel’s open-source Trusted Analytics Platform project.
Paxata has now raised approximately $62m altogether, EDBI having led an $18m series C round in September 2015 that included Accel Partners India, Walden-Riverwood Ventures, Toba Capital and angel investor Sanju K. Bansal.
Accel provided $2m of series A capital to the company before leading its $8m series B round in 2013.
Ron Kasabian, general manager for analytics and AI solutions at Intel Data Center Group, said: “Intel and Paxata share the view that accurate and timely information is the foundation to insight gleaned from massive amounts of data, which has the ability to dramatically transform business.
“The combination of big data, high-performance distributed computing, and sophisticated algorithmic intelligence leveraging Paxata’s Adaptive Information Platform on Intel Architecture is critical to accelerating time to insight.”
The round was announced alongside 11 other Intel Capital investments, to which the unit committed a total of $38m. Igor Taber, a director at Intel Capital’s Data Center Investment group, will join Paxata’s board of directors in conjunction with its investment.