Big data analytics may not be the most exhilarating application of artificial intelligence, yet there is a lot of money in this domain. In fact, according to Statista, the industry is worth a staggering $42 billion.
Hence, it is not surprising that startups such as Tamr, which is a Cambridge, Massachusetts-based company that uses artificial intelligence (AI) in expediting analytics workflows.
Tamr recently revealed that it had closed a $10 million round of funding with participation from various companies including Granite Hill Capital Partners and Pear Tree Partners.
Also, the startup disclosed the appointment of new board observers including Chief Technology Officer of Thomas Reuters Labs Mona Vernon; Masataka Otomo at SBI Investment; and John McClellan, a partner at Pear Tree Partners.
Tamr’s full-stack, artificial intelligence (AI)-driven software solution combines disparate datasets through producing a “table of contents” for data. Mike Stonebraker, the co-founder of MIT’s Computer Science and Artificial Intelligence Laboratory, was the first to propose the idea in a paper regarding a data tamer system, particularly for large-scale curation.
Aside from operating in the cloud or on-premises, the software utilizes algorithms in identifying relationships that exist between data sources. It also aids in identifying domain specialists who can incorporate those incorporate those sources effectively.
“Our mission when we founded the company … was to enable large enterprises to unify key data to realize a maximum strategic and operational benefit. DataOps — our vision for how enterprises can reinvent the way they manage data to accelerate digital transformation — is fast becoming a reality and driving widespread adoption of Tamr’s best-of-breed data unification solutions,” Palmer told VentureBeat in an email interview this summer.
Currently, Tamr customers include GSK, Toyota, GE, Thomson Reuters, and Novartis, which pay nearly $ 300,000, primarily for a two-year license in July, the startup closed an $18 million financing round from various companies including Alumni Ventures Group, Fenox Venture Capital, Samsung Ventures, Intage Open Innovation Fund, SBI Investment among others.
So far, Tamr has fundraised over $68 million from venture capital firms like Work-Bench Ventures, SineWave Ventures, Google Ventures, and New Enterprise Associates among others.