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Big data analytics firm Platfora raises $38 million

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Harmeet
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NEW DELHI, INDIA: Platfora, a big data analytics startup announced that it has raised $38 million led by Tenaya Capital, which brings the company's total financing to $65 million.

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Ben Werther, Platfora CEO, said: "Enterprises are awash in data but are struggling to gain useful insights. While intuition is critical in business, business executives readily admit that they are still making too many gut decisions because they cannot adequately access or analyze all of their data to make better informed decisions. They cannot access or interpret these new large and heterogeneous big data sets fast enough."

"The funding will be used to invest aggressively in new hires and technology. The company has its sights set on pushing businesses away from older business intelligence analytics technologies, which aren't suited to breaking down huge amounts of data quickly.

"We knew Platfora would be well-received in the market, but the volume of interest thus far has been beyond our expectations. The $30+ billion business analytics market is undergoing a rapid transformation towards Hadoop-based technologies, and Platfora is only going to accelerate that beyond the early adopters."