Bangalore-based big data firm Spire Technologies, has raised $8 million in a Series A funding round from unnamed investor, at a valuation of $23 million, reports Techcrunch. The new capital will be used for product development and company expansion.

Spire has annual revenue of about $400,000 and had raised $1 million in seed funding from several angel investors over the past five years. It was founded by Saurabh Jain, who is also CMD of the company.

The company is now looking to expand its operations to US and other Asian markets. In these markets, the company will be pushing its contextual search engine to offer solutions beyond just smart recruitment and will target functions such as market research, financial analysis, credit analysis, fraud intelligence, logistics, in sectors such as healthcare, travel, education and retail among others.

The company offers solutions that can help companies with hiring fresh talent, providing market intelligence, customer relationship management (CRM), and preventing of employee frauds. In India, the firm helps IT service companies reduce time in hiring candidates by identifying talent with required skill. Spire matches the candidates’ skills with projects that can be executed. All these happen in real time, according to the report. Currently its solutions are being used by Atos, Cognizant Technology Solutions, and JDA Software.

Competition: Earlier this week, news and data analytics platform Heckyl Technologies had raised over $3.5 million in Series B investment led by IDG Ventures. India has seen a steady increase in the number of big data analytics companies entering the market here in the last few years. Walmart launched its Walmart Lab in November 2011 in India to focus on big data generated through mobile and social media.

Yahoo had opened its lab for big data inside the IIT Madras campus. Earlier this year MasterCard Advisors, a division of MasterCard had acquired an undisclosed stake in Mu Sigma, an analytics and decision sciences firm. Nexus Venture Partners backed data analytics company, Indix had launched its SaaS and big data product intelligence platform that targets brand managers, price analysts, retail merchandisers and product managers.

Also read: Harvard University Leverages Big Data for Case Study on Kumbh Mela 2013