Bangalore-based Big Data startup Spire Technologies raises $8M in Series A funding
Bangalore-based Spire Technologies and Solutions Pvt Ltd, a Big Data startup that offers a contextual search engine to enterprises to manage their talent requirements, has secured $8 million in Series A funding from an unnamed investor. The capital will be used to ramp up its R&D team and boost sales & marketing activities.
The development was first reported by TechCrunch. Spire has already raised $1 million in a seed round from several angel investors.
The firm was founded by Saurabh Jain in 2008. Jain holds an advanced master's degree in Global Enterprise Management from GDW Consortium â€“ a joint initiative of IIM Bangalore, SDA Bocconi School of Management (Milan), University of Hong Kong, and UCLA Anderson School of Management (Los Angeles). In the past, he had worked with Yahoo, SAP, Oracle, Worldspan and Galileo in various roles.
Spire offers various solutions for supply chain management, customer relationship management, fraud intelligence, talent growth management and predictive talent intelligence. It empowers enterprises to make informed decisions with accurate demand-supply mapping from any combination of structured and unstructured data. It also provides fraud detection solutions by pulling in data from unstructured data such as documents, emails, SMS and reviews.
With billions of online data being generated every day, domestic as well as foreign investors are seeing a lot of growth potential in the Indian Big Data space, prompting them to invest in various startups. Early this week, Mumbai-based Heckyl Technologies, which offers a Big Data-based analytical platform for investors, traders and researchers, secured over $3.5 million in Series B round of funding led by IDG Ventures India.
Last month, Bangalore-based Big Data firm Flutura Solutions raised an undisclosed amount in funding from Hive Technologies, a Big Data fund launched by Patni Siblings Arihant and Amit. In September, Chennai- and Singapore-based Crayon Data secured more than $1.4 million from Ravi Thakran, CEO of L Capital Asia and head of LVMH Asia Pacific; and Ravi Mantha, president, TIE Singapore.
Prior to that, Bangalore-based InterpretOmics India, a Big Data startup focused on bioinformatics, raised $1.6 million from Amarante, a Singapore-based shipping company, and two unnamed Indian investors. Minetta Brook Inc., another Big Data intelligence startup, also secured $2 million in seed funding from TiE Angel Group Seattle and Naya Ventures.
(Edited by Joby Puthuparampil Johnson)