Recommind, a US-based technology company which provides unstructured data management, analysis and governance software, has received a $15m series C round of funding exclusively from SAP Ventures, the growth stage investment firm affiliated with Germany-based software company SAP.
Recommind will use the funds to meet market demand for its technology platform as well as expansion into new markets.
Gaurav Tewari, SAP Ventures managing director who joins Recommind’s board, said: “Recommind’s CORE platform is poised to disrupt huge segments of the enterprise software industry. Recommind impressed us with its rapid growth, its momentum in the enterprise and its ability to solve critical problems across a range of industries, including legal, healthcare and financial services. The secular, explosive growth in unstructured data provides significant tailwinds for Recommind to become one of the defining next-generation enterprise leaders within the sector.”
Bob Tennant, Recommind chief executive officer, said: “Unstructured data is the largest, fastest-growing part of modern business, and right now it is managed ineffectively. This impacts you whether you’re a CIO, an attorney, a contract analyst, an IT professional or someone who needs to find documents on an important project. Legacy solutions can’t keep up in an age of information overload. We need a new way to access, analyze and govern information—one that is both intelligent and highly automated. With our CORE platform, we have the opportunity to solve some of the most difficult and costly problems in the enterprise. We’re pleased to have a partner like SAP Ventures that shares our vision and can help us reach new heights of success.”