Data sciences and analytics firm Saama Technologies has raised Series A funding worth $35 million from California-based Carrick Capital Partners, reports VCCIRCLE. The funding will be used to expand their reach in India and add 500 new jobs over the next financial quarter.
With the funding, the company will also increase its market share in the healthcare and insurance data solutions industry, while building new office space in Pune to consolidate operations. The co-founder and MD of Carrick Capital Marc McMorris will join Saama’s board with this investment.
The company will focus on its ready analytics solutions and increase its stake in big data. According to the VCCircle report, Saama acquired a 68.26% stake in the US based company InfoSTEP for $3 million from MIC Electronics.
Saama was founded by Suresh Katta in 1997 and offers business intelligence, data quality and integration, cloud computing and business management in IT solutions. It lets customers uncover and operationalise strategic data assets and deploy analytics solutions across operations. Katta had previously founded GVI and Multisoft.
Saama claims to have clients in Cisco, PayPal, Saleforce, Unilever, Actelion, Broadcom, Brocade, CSAA Insurance and Dignity Health among others.
Investments in big data firms
– Heckyl Technologies raised $18 million in a fresh round of funding in 2014.
– Fractal Analytics, in 2014, were in acquisition talks with over six startups to raise over $200 million.
– Aureus Analytics, in 2014, raised $850K in angel funding to expand its engineering and business teams.
– Crayon Data, in 2014, raised $1.19 million from participation of spring seed capital, to expand company’s flagship products.
– Germin8 raised $3 million venture funding, in 2014, from Kalaari Capital to increase its spending on sales and marketing activities.