Framed Data, a US-based predictive analytics technology developer backed by internet conglomerate Alphabet, has been acqui-hired by payments processing service Square, TechCrunch has reported.
The Framed Data team will join Square’s business financing solution, Square Capital, while the company’s product will be shut down at the end of this month. The amount paid by Squre has not been disclosed.
Framed Data had developed an analytics engine that provides insight into user behaviour, helping companies better understand how consumers interact with their products.
Square Capital offers loans to companies and lets them the money through a fixed percentage on daily card transactions through the Square point-of-sale terminal, analysing a merchant’s transactions to determine eligibility for a loan.
Framed Data raised $2m in a 2014 seed round backed by GV, the corporate venturing arm of Alphabet then known as Google Ventures, and NYU Innovation Fund, a seed-stage VC fund of New York University that invests in companies connected to the institution.
Innovation Works and assorted angel investors also supplied funds for the seed round. Framed Data graduated from Y Combinator as part of the incubator’s winter 2014 cohort.