HomeFundingGerman-based RapidMiner secures $5 million to help businesses mine big data

German-based RapidMiner secures $5 million to help businesses mine big data

RapidMiner, a predictive analytics platform built on an open stack, today announced it has closed a $5 million Series A funding round, led by Earlybird Venture Capital and Open Ocean Capital. The young company will use the capital to expand domestic and international sales and marketing operations in response to expanding demand for its RapidMiner product, and aims to develop additional products.

RapidMiner (formerly known as Rapid-I) also announced it has completed a corporate and product rebranding with a new website and renaming of its predictive analytics product line. With 35,000 production deployments and 200,000 active users, RapidMiner offers a highly scalable predictive analytics applications, including operational dashboards, metrics and performance reports in a single, easy-to-use platform that seamlessly integrates with popular enterprise data sources. By providing a wide variety of rich descriptive and predictive models to give customers the insights to make profitable decisions, RapidMiner aims to turn predictive analytics into one of the most effective strategies to accelerate business growth.

RapidMinder was founded in Dortmund, Germany, but also operates an office in the US. The company’s technology is in use by over 400 paying customers, including EADS, GfK, Lufthansa, PayPal, Pepsi, Sanofi, Siemens, Telenor, and Volkswagen.

Ingo Mierswa, co-founder and CEO of RapidMiner, stated: “The opportunity to bring in investors that have built successful and market leading companies played a big role in our decision making process, and I look forward to accelerating product innovations and revenue growth.”

“With three million product downloads, RapidMiner has rapidly become one of the leaders in the predictive analytics space,” said Monty Widenius, MySQL founder and Partner at Open Ocean Capital. “We plan to leverage our experience in building MySQL, and the MySQL community, to help the RapidMiner team advance its technology and grow its user community around the world.”

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Thomas Ohr
Thomas Ohr
Thomas Ohr is the "Editor in Chief" of EU-Startups.com and started the blog in October 2010. He is excited about Europe's future, passionate about new business ideas and lives in Barcelona (Spain).

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