Switzerland-based data management software developer Squirro closed a $10m series B round on Friday that included Salesforce Ventures, the corporate venture capital arm of enterprise software producer Salesforce.
VC firm Orange Growth Capital led the round, which also featured unnamed existing investors. The company had raised $1.5m in a 2012 seed round before securing an undisclosed amount in 2013 from backers including angel investor Alex Ott.
Founded in 2012, Squirro has created an advanced context intelligence and insights software platform that uses artificial intelligence to derive usable intelligence from raw data.
The company will use the series B funding to strengthen its research and development activities, enhance its footprint in Europe and North America, and reach further into emerging markets.
Dorian Selz, co-founder and CEO of Squirro, said: “Deploying this technology will allow any company to leverage their prime asset data and reap significant returns of investment.
“This financing represents another important step forward in reaching our goal to build Squirro into the market leading enterprise in this space. With these additional resources, we will continue to innovate, grow our geographic footprint and expand our partner ecosystem.”