AirTree Ventures has participated in a US$33.5 million investment round for US data startup Paxata. The Australian venture capital firm has joined Intel Capital, Microsoft Ventures, and Cisco Investments in Paxata’s fourth round of investment.
Paxata is a US startup that transforms raw data into easy to read information for businesses. By leveraging automated artificial intelligence, Paxata enables businesses to explore and shape data with clicks rather than code, providing a data architecture that is visual and can be understood by even the non-technical analyst.
The Enterprise Information Management [EIM] market is estimated to be worth $20 billion. This market includes hybrid cloud architecture, algorithms and in-memory computing all wrapped up in consumer experience. Within this market Paxata has already demonstrated 250 percent growth year-on-year and is well positioned to become one of the largest players in the EIM space.
“In 2013, we pioneered the self-service data preparation category,” said cofounder of Paxata, Prakash Nanduri.
The funding round will be used to accelerate the next generation of Paxata’s adaptive information platform. Nanduri stated that the next stage for the startup will be expanding its global presence into Europe and other high-growth markets.
Paxata’s recent round comes as the latest investment in what has been a prolific year for AirTree Ventures so far. The firm has invested in companies including 90 Seconds, Canva, Elevio, DesignCrowd, Process Street and Pawshake.
In September this year AirTree raised $250 million to become Australia’s largest VC fund and now has the capability of investing anywhere from $500,000 to $25 million in a single startup. Not long after the raise, AirTree participated in a $1.25 million round into Sydney startup Hyper Anna.
Managing partner at AirTree Ventures, Craig Blair told the AFR that the latest investment into Paxata was part of a broader strategy of allocating 20 percent of its funds to global investments each year.
“We have another investment that we are yet to announce which will make six overseas investments this year,” he said.
“Investing in global platforms as strategic Australian partners has always been part of our mandate…Paxata has ambitious global expansion plans and Australia is a key market. We were able to leverage our deep experience of partnering with global platforms to launch in Australia to get into the round.”
Paxata will now become a part of Intel’s partnership program for its open-sourced Trusted Analytics Platform [TAP] project. Paxata’s machine learning and semantic analysis will help improve Intel’s user experience and analytics platforms that are currently based on Intel Xeon processors.
“Intel and Paxata share the view that accurate and timely information is the foundation to insight gleaned from massive amounts of data, which has the ability to dramatically transform business,” said Ron Kasabian, vice president of Analytics and AI solutions at Intel Data Center Group.
Image: Prakash Nanduri. Source: CrunchBase.