Isima today emerged from stealth with $ 10 million in funding to launch a data convergence platform called BiOS. The company asserts its solution can reduce or even eliminate disparate databases while improving overall speed and reliability.
IDC expects the global big data analytics market to be worth $ 274.3 billion by 2022, and Forbes found in 2017 that over 50% of companies were adopting big data. This trend is likely attributable to the return on investment (ROI) adopters report. Entrepreneur notes that businesses using big data experience a profit increase of 8-10%, on average. But obstacles remain, with 40.3% of respondents to a Statista survey suggesting big data usage was held up by a lack of organizational agility.
With BiOS, organizations can collate business intelligence and AI-driven applications into a single platform to derive insights from real-time data. The “telco-grade” platform enables developers to build apps by adding data sources and deploying to production in a semi-automated fashion.
BiOS embeds software development kits (SDKs) within microservices, or systems that structure apps as collections of maintainable, testable, loosely coupled, and independently deployable services. It replaces third-party telemetry trackers with Isima’s first-party tracker to assure users that brands aren’t sharing their data without permission, and it offers “replica-free” insights that enable data analysts across a range of departments to collaborate on interdepartmental data without burdening relational database management systems. Off-the-shelf change-data-capture mechanisms wrap SDKs provided by BiOS to ingest changes.
Early adopters of the BiOS platform include PharmEasy, an Indian online pharmacy and medical supply store. Isima also claims to have subscription revenue from several Fortune 500 customers.
Isima was founded in 2016 by Monish Suvarna, who previously headed product development and portfolio licensing at private equity firm Intellectual Ventures. Cofounder Darshan Rawal is the former senior director of products at DataStax, where he led product management for DataStax’s commercial offerings based on open source projects like Apache Cassandra, SOLR, Spark, Titan, and OpsCenter.
Sway Ventures and Engineering Capital led the $ 10 million seed round in Silicon Valley-based Isima.
Isima competes with companies like Dremio, which has raised about $ 115 million for tools that help streamline and curate data, and Incorta, whose hyperconverged analytics platform helps companies garner insights by crunching vast swathes of data from across their cloud-based applications. Isima has another rival in Quantexa, which uses AI and machine learning tools to uncover risk and opportunities by providing a view of data in a single place, solving challenges across financial crime, customer intelligence, credit risk, and fraud.