US-based data preparation software producer Trifacta received $48m yesterday in a financing round featuring corporate investors Deutsche Börse, Ericsson, Google and New York Life.
Exchange operator Deutsche Börse, communications equipment maker Ericsson, internet technology provider Google and insurance firm New York Life were joined by Columbia Pacific, Accel, Cathay Innovation, Greylock Partners, Ignition Partners and Ridge Ventures.
Founded in 2012, Trifacta has developed a data wrangling platform that utilises machine learning to help users organise and prepare diverse and complex data rapidly and accurately before it is exported for use in analysis or visualisation.
The company’s technology was originally developed as a research project by Joe Hellerstein, a professor at University of California, Berkeley, and Jeffrey Heer and Sean Kandel from Stanford University.
Paul McNamara, vice-president of Ericsson’s corporate venturing unit, Ericsson Ventures, said: “Trifacta’s cutting-edge technology, client success and vision position the company for continued growth.
“Ericsson is honoured to invest with Trifacta to help drive further momentum in data wrangling that will help our telecommunications customers to get actionable insights and create business value from their data.”
Joel Albarella, head of New York Life Ventures, the corporate venture capital arm of New York Life, added: “At New York Life, we are keenly focused on new analytics technologies to enhance our speed to insight.
“As part of this effort, we are investing in Trifacta for its forward-thinking approach to data wrangling.”
The round took the company’s total financing to $124m and follows an investment by IT services provider Infosys in 2016. Its earlier investors include Cathay Innovation, Ignition Partners, Greylock, Accel and Ridge Ventures, which was formerly known as IDG Ventures USA.