RapidMiner raises $15 million for predictive data analytics

RapidMiner

Boston-based RapidMiner announced today that it has raised $15 million in new funding to expand its data-analysis business.

The company’s self-service software analyzes big data to help businesses spot and predict trends in industries such as finance, insurance, and manufacturing. Recently, it launched RapidMiner Academia, a free service for students, professors, and researchers doing data analytics at institutions of higher education.

Founded in 2006, based on research done in artificial intelligence at the Dortmund University of Technology in Germany, the company opened its US headquarters in Boston in 2013. RapidMiner currently has more than 250,000 active users and is used by global brands such as PayPal, Deloitte, eBay, and Cisco.

The Series B round of funding was led by Ascent Venture Partners and Longworth Venture Partners, with prior investors Earlybird Venture Capital and Open Ocean Capital joining as well.

According to Ingo Mierswa, RapidMiner’s co-founder and chief executive, the company plans to use the new funding to add team members. Currently, the company employs more than 60, but plans to add 40 to the team by the end of the year. “The new investment will help us continue to grow and to remain an industry leader in data analytics,” Mierswa said.

Dennis Keohane was a Senior Staff Writer for BetaBoston.
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