RapidMiner, a Germany-founded company offering predictive analytics applications, announced Monday it has moved its headquarters to the Boston area and raised a $5 million Series A round.
The funding was led led by Earlybird Venture Capital and Open Ocean Capital, which is backed by the founders of MySQL, and is the first outside capital raised by the company.
RapidMiner said it settled on Boston as its new headquarters because the area is “a hub of advanced analytics activity.” The company is initially working out of the Cambridge Innovation Center, and is now looking for permanent space around the Boston area, a spokesperson said. The firm will maintain an R&D office in Dortmund, Germany.
RapidMiner offers applications including operational dashboards, metrics and performance reports “in a single, easy to use platform that seamlessly integrates with popular enterprise data sources,” the company said. More than 400 customers use the software including PayPal, Pepsi, Sanofi, Siemens and Volkswagen, and the company is profitable, the spokesperson said.
RapidMiner is “well positioned to help customers quickly discover trends, correlations and opportunities from their data,” co-founder and CEO Ingo Mierswa said in a news release.
Board members of the company include Usama Fayyad, formerly chief data officer at Yahoo.
Author: Kyle Alspach