Truviso, a Foster City-based developer of data analytics software, has raised $3 million in bridge round of funding. The financing came from Diamondhead Ventures, Onset Ventures and UPS Strategic Enterprise Fund.
Earlier, these firms have provided Truviso with $10 million. With the current round of funding, the company hopes to raise a third round of funding next year. Truviso offers 'continuous analytics' of incoming data, a technique that enables massive scalability and extreme flexibility in data analysis. Co-founded in 2006 by Sailesh Krishnamurthy Ph.D. with UC Berkeley computer science Professor Michael J. Franklin, Truviso solves the challenge of continuous data analysis for 'always-on', data intensive business environments. The company's software solution processes huge volumes of incoming data to enable continuous analysis, visibility, and action across heterogeneous business and IT systems.
"Traditional business intelligence methods use an inefficient, sequential, batch approach - store the data first, then run queries for reporting and analysis. This is a Sisyphean task of pushing a large boulder up a hill even as the boulder is getting bigger, heavier, and more unwieldy," explains Sailesh Krishnamurthy, Vice President of Technology and Founder, Truviso.
Companies from different verticals like online advertising, streaming video, content delivery, and mobile providers depend on this analysis to maximize their revenue. With the algorithm of this software, Truviso helps these kind of companies to make the most of their content, command higher CPM, and provide live dashboards to their customers. The research firm IDC estimates the business intelligence market to be worth $13 billion, offering major growth opportunities for Truviso. Currently, the company has about 30 employees.