Santa Clara: A cloud-based predictive analytics solutions company InsightsOne raises $4.3 million in series A round of funding led by Norwest Venture Partners (NVP). Other investors in this round of funding includes Gaurav Garg, private investor and Special Limited Partner, Sequoia Capital; Zod Nazem, Former CTO of Yahoo!, and Peter Wagner, Founder/Partner at Alpha Venturi and former general partner at Accel Partners. Promod Haque from NVP has joined InsightsOne’s board of directors as per the deal. The company plans to use the fund to grow its executive team and further invest in sales, marketing and product development to meet the demands of its growing early adopter customer base.

Santa Clara based InsightsOne is a cloud-based predictive analytics solutions enabled by big data. The company was founded in 2010 by the team that built Yahoo!’s consumer data and analytics platform, Waqar Hasan, Joy Thomas and Jagdish Chand. The company offers real-time precision targeting and marketing insights to consumer marketers so they can optimize the relevance and profitability of offers to consumers.

“This round of funding validates our vision to enable mid to large B2C companies to leverage the power of big data at a low cost and exploit the power of cloud-based predictive analytics to increase profits. Promod Haque and the team at NVP have a strong track record in helping to build significant companies- particularly in the big data and analytics sectors. We are looking forward to working with NVP as we invest further in our team and products and take our company to the next level,” said Waqar Hasan, Founder and CEO, InsightsOne.

Hasan brings 20 years of experience in the data and internet areas, building high-energy organizations and delivering leading edge products delivered as software or operated as a service. Prior to this, he led and managed Yahoo!’s data platform. Hasan also founded DB Wizards that was later acquired by Adeosoft, ran the optimizer team at Informix which is now IBM, worked on data research at HP Labs and IBM Almaden. He has received his PhD. in Computer Science from Stanford University and his B.S. in Computer Science from IIT, Kanpur.

Market research firm IDC released a new forecast that predicts the big data market is expected to grow form $3.2 billion in 2010 to $16.9 billion in 2015.

“We are extremely impressed with the domain knowledge and track record of the company’s team. They have spent years building a relevant, next generation technology solution based on thorough customer feedback and testing with CXO’s, versus spending time and money developing a platform and just hoping the customers will come. InsightsOne is already delivering solutions to a number of Fortune-500 companies and increasing their profits by more than 20 percent,” said Promod Haque, Managing Partner, NVP.

NVP is a global venture and growth equity investment firm that manages more than $3.7 billion under corpus. Headquartered in Palo Alto, it has subsidiaries in Mumbai and Bangalore, Herzelia and Hong Kong. It makes early to late stage venture and growth equity investments across a wide range of sectors.