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Fuzzy Logix Raises $5.5 Million From New Science VenturesFuzzy Logix - a Charlotte, North Carolina based startup that specializes in high-performance and predictive analytics for Big Data - announced today that it has raised $5.5 million in Series A funding from New Science Ventures to support business growth. Founded by Partha Sen and Michael Upchurch, ex-Investment Bankers from Bank of America, Fuzzy Logix changed the landscape and future of analytics with its flagship product, DB Lytix™. By introducing the concept of in-database analytics, DB Lytix™ eliminates the need for data extraction, middle-tier analytics servers and redundant data storage. Consequently, the savings in time, resources and costs have helped a number of clients achieve unprecedented boost in competitiveness and profitability. Notable customers include Raymond James and three of the top five healthcare organizations in the US. The Big Data technology and services market represents a fast-growing multibillion-dollar worldwide opportunity. A recent IDC (News - Alert) forecast showed that the Big Data technology and services market will grow at a 26.4% compound annual growth rate to $41.5 billion by 2018, or about six times the growth rate of the overall information technology market. Partha Sen, Co-Founder and Chief Executive Officer of Fuzzy Logix said: "The application of analytics on Big Data is the future and we plan to use the proceeds to fund R&D and expand our customer coverage throughout the world. We are thrilled to have New Scence Ventures as our partner. They bring a wealth of experience in working with Intellectual Property based startups like us." Vivek Mohindra, General Partner of New Science Ventures and Chairman of the Board at Fuzzy Logix, said: "I am really impressed by the team at Fuzzy Logix and the product suite they have developed. They have a strong customer base, with several Fortune 100 enterprises among them. During the diligence process, I was blown away by the strong and loyal following from many of these customers, all of whom are using DB Lytix™ to address very complex business problems that they cannot solve with any other offering out there." Some significant achievements of Fuzzy Logix in the past couple of years include:
About Fuzzy Logix: Fuzzy Logix is a market leader in high-performance and predictive analytics for Big Data. We are revolutionizing analytics with our in-database software solutions available on data warehousing and Hadoop platforms. Our solutions help companies make smarter decisions, increase effectiveness and improve performance. These solutions are easy to use and deploy, and run 10X to 100X faster than other analytics products. Our customers are in diverse sectors like banking and finance, insurance, retail, manufacturing, marketing services, and healthcare. We make analytics easy, pervasive and available real-time. To find out how your company can benefit from leveraging high-performance in-database, visit www.FuzzyL.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151103006068/en/ |
