Clarabridge's $3 M Series A
Date: Wednesday , March 01, 2006
After spinning off from the Falls Church, VA based data-warehousing software consulting company Claraview Inc., Clarabridge, a developer of text-mining software, has raised $3 million in its Series A round of funding from Boulder Ventures.
The funds will help Clarabridge, founded by Sid Banerjee in 2005, to continue product development and the expansion of Clarabridge’s sales and marketing efforts.
Banerjee says, “The VCs are beginning to realize that text mining and unstructured analytics represents the next big wave of innovation in the business intelligence (BI) market. Although most companies deploy BI tools against structured data to answer a wide variety of questions, leading organizations are increasingly recognizing that they must take a more holistic view of their information assets.”
Banerjee says Clarabridge Content Mining Platform can transform unstructured content into rich structured information. With Clarabridge BI Search, one can quickly search the reports generated by business intelligence (BI) platform using a Google like interface.
Quoting a Washington Business Journal, Banerjee says, “Clarabridge is chasing a growing market for software that analyses unstructured content. The market is expected to increase from $740 million in 2004 to $1.6 billion in 2009.”
According to Banerjee, the company faces competition from either “Search” or “Text Processing/Mining” vendors.