NEW YORK (GenomeWeb News) – Big data analysis firm Ayasdi said this week it raised $30.6 million in a Series B funding round.
Institutional Venture Partners led the round. Additional participants included Citi Ventures, GE Ventures, and existing investors Khosla Ventures and Floodgate.
In conjunction with the investment, IVP's Steve Harrick is joining Ayasdi's board.
The funding will go toward acceleration of the Palo Alto, Calif.-based company's development of machine learning systems and topological data analysis –based approaches.
Founded in 2008, Ayasdi is a spinout of Stanford University and has developed a platform called Ayasi Iris "to automatically find insights from complex data and operationalize them." The method combines advanced machine learning techniques with toplological data analysis, which is a branch of mathematics, to discover insights without coding scripting, or manual querying.
The first version of the platform was launched in 2011 and Ayasdi initially sold it to clients in the pharmaceutical space and government organizations, such as the US Food and Drug Administration, a company official told BioInform earlier this year.
Other clients include the, Merck, the Mt. Sinai Medical Center, and the University of California, San Francisco.
Ayasdi raised about $10.3 million in a Series A financing round in January.