Paxata raises $33.5 million to further develop machine learning for information management
Paxata today announced it has raised $ 33.5 million to bolster the machine learning and semantic analysis foundations of its enterprise information platform. Led by Intel Capital, today’s investment is Paxata‘s fourth funding round and brings its total capital raised to $ 61.5 million.
Paxata’s platform provides a self-service, visual approach for information management to large corporations. “We target the one billion people in the enterprise who know how to use Microsoft Excel and want to use data to make business decisions,” said Nenshad Bardoliwalla, cofounder and chief product officer of Paxata, at the Intel Capital Global Summit.
According to Bardoliwalla, Paxata helps those who need fast access to meaningful data without having to write code or learn to use Hadoop. Called AnswerSets, the company’s product connects big data analytics to the operational applications used by business analysts, chief data officers, and IT managers.
Paxata will be part of Intel’s partnership program in the open-source Trusted Analytics Platform (TAP) project, which seeks to spur the creation of analytics-powered solutions. Paxata leverages machine learning, natural language processing, and semantic analysis to deliver accurate and timely data for business decisions.
In addition to Intel Capital, Microsoft Ventures, Cisco Investments, Deutsche Telekom Capital Partners, and AirTree Ventures joined the funding round as new co-investors. Existing investors, including Singapore-based EDBI, In-Q- Tel, and Accel, also participated.
Paxata is headquartered in Redwood City with offices in New York, Ohio, Washington D.C., and Singapore. Additionally, proceeds from the new investment will help Paxata expand its sales presence in Europe and Asia.
Paxata made the funding announcement at the Intel Capital Global Summit in San Diego.