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Organizations have recognized that the “elephant in the room” needs to be addressed. The sheer rate at which companies collect data has reflected the opportunities for their management to grow within the market. The startups who realized the potential of the big data market just five years ago are now key players. Today, big data companies are expected to grow at an even faster speed, because the amount of data being handled in a company is exponentially growing, and demand is not ceasing to see value as a result of volume.
Seven start-ups raised approximately $50 million in funding for seed and risk capital across sectors such as agriculture, financial technology, big data, medical care, and artificial intelligence last week. Global investors such as Singtel Innov8, China’s Fosun, and Quona Capital primarily managed the finance activity.
Because of new funding from the Singtel Innov8 corporate risk capital arm Singtel Group and Harmony Partners, US-based big data starter Qubole raised $25 million (Rs 163 crore). In India, Australia, and Singapore, Qubole will use funds to expand. Qubole was founded in 2011 and works on all cloud platforms including Amazon Web Service, Google, and Microsoft, as a service provider for technology such as Hadoop and Spark.
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The investment of Prophet Capitals, Beijing, and current investors, Ventureast, Endiya Partners, and Kissht raised $10 million in digital lending in a financing round led by Fosun RZ Capitals. The revenues are used to broaden the reach of online and off-line traders, improve data science capacity, and enter additional categories of products.
DocTalk Solutions, Inc. raised $5 million (Rs 32.43 Crore) from the new financing round from Matrix Partners India and Khosla Ventures, the US-based and Mumbai-based doctor-patient communication platform, the Economic Times reported. FarmLink raised $3 million from the Indian arm of Swiss incubator-cum-investment company Pioneering Ventures and agrochemicals company Syngenta AG, a Mumbai based agriculture technology company FarmLink. The company will leverage the funds to expand and enhance its technology and analytic capacity in the supply chain sector.
However, what is interesting is that big data start-ups are not as horizontal today. Bigger players are now witnessing the entry into the market of individual startups with solutions for specific vertical systems such as the health, public sector, and finance.