Tamr, gets $25.2 million in new funding as its CTO wins Turing Award
Andy Palmer, the chief executive and co-founder of Boston-based big data for business intelligence company Tamr, was on a "celebratory" tour of California when I spoke with him earlier this week.
However, he wasn't there on a victory lap for Tamr's recent $25.2 million Series B funding round announced this morning. He was in San Francisco with MIT researcher and database pioneer Michael Stonebraker, Ph.D., who was in the Bay Area to accept the 2014 Association for Computing Machinery's A.M. Turing Award, known by some as the "Nobel Prize of Comupting."
Both Palmer and Stonebraker have a long track record in the big data computing space. The two partnered to build Vertica — which was acquired by Hewlett Packard in 2011 — among other projects. First at the University of California, Berkeley, then at MIT, Stonebraker worked to develop many innovations and helped found many data related startups. He is being recognized by the ACM for, as the announcement for the award stated, "invent[ing] many of the concepts that are used in almost all modern database systems."
Tamr’s big data business intelligence solutions to more easily connect and integrate large swaths of business information that is collected from various enterprise applications and software. Specifically, the company's "data-unification platform" combines machine learning algorithms with human insight to make useful and to better understand how the all the data collected in a businesses various computing systems is related.
In a statement, Stonebraker said, “Tamr’s technology and approach to scalable data unification will be the next big thing in data and analytics - similar to how column-store databases were the next big thing in 2004.”
"It's been just over a year since we launched the company officially," said Palmer. "And it's night and day considered to a year ago. The fundamentals of the business are remarkable and we are adding new large customers every day."
Among the Fortune 1000 companies that are using Tamr's big data and business intelligence platform are GE, Novartis, Roche, and others. "They all have a lot of data variety," said Palmer. "As more and more of them have learned about us and we have talked to them about their problems, we have found tremendous new applications for Tamr."
Some of the company's existing customers liked the product so much, they led the companies latest fundraise.
Participants in the $25.2 million funding round include Hewlett Packard Ventures, Thomson Reuters, MassMutual Ventures, SineWave Ventures, and Work-Bench Ventures, as well as previous investors NEA and Google Ventures. To date, Tamr has raised $42.2 million in funding.
"Thomson Reuters, HP, and MassMutual have been so excited about what we are doing that they've been asking for a long time if they could participate in the company more broadly," said Palmer. "It's a great opportunity for us to bring in some extra money, and to take our relationships with those companies to the next level."