Last week, Iguazio announced that it had raised $33 million to build out its service. The big data company has built out an edge data analytics platform targeting services that require real time processing such as finance and Internet of Things (IoT). TechCrunch confirms that the company is valued at $100 million.
Established in 2014, Iguazio has so far raised a total of $48 million. The company counts some of its investors as beta users. The latest series B attracted the following investors:
- Verizon Ventures
- Pitango Venture Capital
- Robert Bosch Venture Capital GmbH
- CME Ventures
- Dell Technologies Capital
- Magma Venture Partners
- Jerusalem Venture Partners
Asaf Somekh, co-founder and CEO of Iguazio, explains that each of the investors in this round points to verticals where the company’s business has potential to develop. Verizon Ventures has been working on a new business unit for telematics and IoT. CME is building out its options trading platforms to cover more data points. On its part, Dell is looking for new revenue streams in services while Bosch is one of the market leaders in in-car systems. The four companies are using Iguazio’s platform in developing their systems. It is for this reason that Somekh explains that the company is engaged with all its investors in one way or another.
Iguazio’s idea is to provide a platform where businesses can engage with big data analytics in a way that can produce results with minimal headaches. While the company has not earned any revenues since its establishment in 2014, Somekh reveals that it has been working with other companies and will soon unveil the first available product in a matter of weeks. He adds that this is good news for Iguazio because studies have shown that only one out of every 10 big data startups succeed, a trend associated with lack of complexity and skills to run the businesses.
In a statement, Merav Rotem-Naaman, the managing director at Verizon Ventures Israel says that as one of the largest telecom companies globally, they understand the significance of real time continuous analytics and the role it plays in businesses. Unfortunately, there are not enough existing scalable solutions. Iguazio’s aim is to become a trusted partner for businesses seeking to use data to make real time decisions that improve security and operations. IoT data that affects decision making must be analysed closer to the edge, whether it be the monetization of mobile usage or a fleet of trucks. While there are numerous big data companies in the market, Iguazio stands out in that it offers its services at the edge (close to the point of processing).
There are other companies that have turned to edge computing to offload some of the processing from the origination point and the cloud. For example, last year, Cisco and IBM entered into a deal to integrate IBM’s Watson AI analytics into Cisco’s edge routers. Other companies operating in the same space as Iguazio are MapR, LiveStories and Element AI.