Recommind Raises $15M from SAP Ventures To Transform Unstructured Big Data Analytics
SAP Ventures Invests Significant Exclusive Series C Round
San Francisco, CA Wednesday, September 18, 2013
Recommind, a leader in unstructured data management, analysis and governance technology, today announced it has received an exclusive $15 million Series C round of funding from SAP Ventures. Recommind will use the funds to meet market demand for its CORE® technology platform as well as expansion into new markets. The Series C deal is a pivotal investment within the SAP Ventures portfolio.
Recommind achieved $70.5 million revenue in 2012 with its hybrid-cloud solutions for eDiscovery, information governance and analytics. Its customers include Fortune 500 enterprises, government agencies and international law firms. The company has been profitable for the last several years.
Recommind’s technology provides rapid insight into massive amounts of data, allowing for quick, accurate decisions. Its patented CORE platform uses machine learning and advanced analytics to identify patterns and concepts in unstructured, human-generated information such as email, word-processing documents, voicemail and social media.
“Recommind’s CORE platform is poised to disrupt huge segments of the enterprise software industry,” said SAP Ventures Managing Director Gaurav Tewari. “Recommind impressed us with its rapid growth, its momentum in the enterprise and its ability to solve critical problems across a range of industries, including legal, healthcare and financial services. The secular, explosive growth in unstructured data provides significant tailwinds for Recommind to become one of the defining next-generation enterprise leaders within the sector.”
Mr. Tewari will join Recommind’s Board of Directors alongside existing directors including former Oracle CFO Jeff Epstein.
“Unstructured data is the largest, fastest-growing part of modern business, and right now it is managed ineffectively,” said Recommind CEO Bob Tennant. “This impacts you whether you’re a CIO, an attorney, a contract analyst, an IT professional or someone who needs to find documents on an important project. Legacy solutions can’t keep up in an age of information overload. We need a new way to access, analyze and govern information—one that is both intelligent and highly automated. With our CORE platform, we have the opportunity to solve some of the most difficult and costly problems in the enterprise. We’re pleased to have a partner like SAP Ventures that shares our vision and can help us reach new heights of success.”
Recommind’s funding comes at a time of tremendous growth having experienced over 50 percent revenue growth globally, 50 percent in EMEA and 93 percent growth in its On-Demand cloud-based business in the last year alone.
Recommind transformed the legal industry with its patented Predictive Coding technology and workflows that automate the tedious, error-prone and expensive task of document review. Part of Recommind’s Axcelerate eDiscovery suite, Predictive Coding enables organizations such as Cisco, Marathon Oil, Swiss Re and the US Securities and Exchange Commission to analyze vast amounts of information. This is accomplished by automating the processing and prioritization of large-scale document review based on iterative human input.
Earlier this year, Recommind launched its Information Governance Suite, a breakthrough solution for automatically organizing and managing information throughout the enterprise. It also recently launched Hypergraph, a unique visualization application for discovering and analyzing patterns and relationships in information flows.
To learn more about Recommind and the CORE platform, please visit Recommind’s website at recommind.wpengine.com.