DataSift, the platform that powers the social economy, announced today it has secured $42 million in Series C financing, led by Insight Venture Partners and with participation from existing investors (Update – April 2023: The startup seems to be no longer in business under this website, and we therefore deactivated the original link).
The funding will be used to accelerate the company’s growth and increase investment in its social data platform. DataSift aims to continue expanding its global reach and also plans to invest in additional sales and marketing resources.
Datasift was founded in 2010 and is headquartered in London. The young company has now raised more than $70 million to date. Founded by Nick Halstead to help companies better understand and harness the power of social media, DataSift now powers over 1,000 corporate customers across 40 countries, including enterprise leaders Bloomberg, Dow Jones, CBS Interactive, Dell and social technology application innovators Marketwired, Dachis Group, Conversocial and HootSuite.
Rob Bailey, CEO of DataSift, stated: “Social has now moved from mainstream to mission critical for enterprises and we are excited to power the applications in the social ecosystem and accelerate social data adoption.”
While companies realise they need to better interpret and extract meaning from social data to gain competitive advantage, it is difficult and complex to make sense of this kind of massive unstructured data set. DataSift has built a scaleable platform that enables companies to aggregate, filter and extract insights from the billions of public social conversations on Twitter, leading social networks and millions of other sources. DataSift provides access to both real-time and historical social data to uncover insights and trends that relate to brands, businesses, financial markets, news and public opinion.
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