It was a busy time for B2B venture capital this week, and while funding ranged across verticals from expense management to SaaS, there was a clear theme in investment rounds: high-tech data analytics. Startups deploying machine learning and artificial intelligence (AI) capabilities are focused on improving corporate processes — from identifying fraud to testing software to managing employee effectiveness. With more than $120 million raised, investors made clear they're predicting the enterprise will see widespread disruption from sophisticated data solutions. PYMNTS takes a look at the funding rounds announced this week below.
A $5 million Series A funding round will boost U.S.-based Trilio Data, a company providing data protection and recovery services to the enterprise, with .406 Ventures leading the funding round, according to the startup. Trilio Data targets IT organizations and cloud service providers, offering an array of cybersecurity and data protection services specialized in public and private cloud storage. In a statement, the company's CEO David Safaii said the funding will be used to support its existing clients, focus on its “technology roadmap” and scale to meet increased demand for such cloud-based app and data protection.
Scoring one of the largest rounds of the week is BigPanda, which announced an expansion of its Series B funding round. An additional $23 million raised by the company brings the round to $49 million, the firm announced, with the latest funding led by Greenfield Partners and existing backers including Sequoia Capital, Battery Ventures and Mayfield. BigPanda provides automated service operations solutions for IT professionals, helping them streamline operations to consolidate management of enterprise data and gaining actionable insights via machine learning. The company said it will use the backing to focus on its go-to-market strategy and expand existing leadership.
Based in Finland and with offices in California, MariaDB offers enterprises an open source database solution. The company raised $27 million — the largest announced this week — from Alibaba in September, but didn't confirm the news until recently, TechCrunch reported. Intel Capital, California Technology Ventures, Tesi, SmartFin Capital and Open Ocean also participated in the round. In a statement, Alibaba cloud vice president Jin Li said the company's investment in MariaDB will lead to the development of solutions for cloud and on-premise platforms.
California's AppZen deploys AI and machine learning to automate back-office functions, with a focus on expense report auditing, fraud detection and employee spend compliance. The company raised $13 million in Series A funding, announced this week and led by Redpoint Ventures, while backers at Resolute Ventures also participated. AppZen said it plans to use the backing to focus on customer acquisition and to scale its existing team.
Software as a Service
Software developer 3YOURMIND, which targets the manufacturing industry, said this week it raised $12 million in Series A funding. The New York-based company landed the investment from Unternehmertum Venture Capital Partners and noted it will use the funds to expand throughout the U.S. as well as explore entrance into Asia, reports said. 3YOURMIND has several B2B platforms for manufacturing firms that touch on an array of services, including price estimates, price optimization and 3D printing. According to the startup's CEO, Aleksander Ciszek, the company wants to help manufacturers embrace digitization and high-tech solutions.
Deploying machine learning technology for its test automation software, Testim.io has raised $5.6 million in Series A funding led by Lightspeed Venture Partners, the company revealed. It supports software developers and testers by automating some of their tasks and reducing the time it takes for these professionals to run tests and receive feedback. Testim.io said it will use the money to enhance its engineering teams.
India's Bigbasket targets business-to-consumer (B2C) grocery eCommerce. But, with more than $8 million in fresh funding announced this week, the company said it will explore entrance into the B2B wholesale market to help companies procure food goods, keeping a focus on hotels, restaurants and caterers. The company's funding round was led by Abraaj Basket, Bessemer Venture Partners, International Finance Corp and Sands Capital, according to reports. Reports also said the company could benefit from the investment by scaling up operations to help compete with Amazon, which is similarly strengthening its position in the Indian market.
Based in San Francisco, Rallyteam provides a mobile solution for companies to manage human capital. The firm announced a Series A funding round to the tune of $8.6 million this week led by Norwest Venture Partners and Storm Ventures. Cornerstone OnDemand and Wilson Sonsini Goodright & Rosati also participated, the company said. According to Rallyteam, its solution can help businesses address the rising challenge of employee turnover, automating the matching between existing employees and appropriate jobs, projects and other professionals within the enterprise via the Rallyteam Marketplace.
Using AI, Glint provides employee engagement solutions for its enterprise clients. The company secured $20 million in Series D funding led by existing backers at Bessemer Venture Partners, Meritech Capital Partners, Norwest Venture Partners and Shasta Ventures, reports said. Glint plans to use the investment to scale operations and accelerate growth into Europe. The company's technology uses analytics to identify drivers of employee engagement and help employers become more effective with their workforce, while also aggregating real-time feedback from staff.