Big Data Analytics Startup Fuzzy Logix Raises $5.5M in Series A
There’s no shortage of big data analytics companies pledging to help industries make greater sense—and use—of the data they have. Startup Fuzzy Logix is throwing its hat into the ring with a $5.5 million fundraising round to scale its growth.
New Science Ventures led the Series A round for Charlotte, NC-based Fuzzy Logix, which markets its software to a wide range of companies, including ones in finance, health care, retail, and life sciences.
Fuzzy Logix’s analytics software, DB Lytix, analyzes data right in the database where they are stored. That’s different than the traditional multi-step approach of extracting data from the database, loading data on a dedicated analytics server, and then running analytics there. Fuzzy Logix says its software can analyze data faster, saving its customers time and money. In-database analytics also allows for real-time analysis, a capability not possible when data are extracted.
Fuzzy Logix has built relationships with several companies housing vast stores of data—including Teradata, Netezza, and Sybase—which have enabled the startup to develop its software to work optimally with popular data warehouses. Fuzzy Logix says its in-database analytics library holds more than 700 analytical methods for these data warehouse partners. The company claims its customer base includes Fortune 100 and Fortune 500 companies.
A growing number of software startups are wrangling to grab some aspect of the big data market, as MIT professor and entrepreneur Michael Stonebraker explained to Xconomy’s Greg Huang last year. Fuzzy Logix isn’t the only company pitching an in-database analytics offering. Analytics software giant SAS, based in Cary, NC, offers in-database analytics, as does Oracle (NYSE: ORCL). Besides being larger and better financed, these companies also have relationships with data warehouses. But with the cash infusion, Fuzzy Logix has more capital to compete against these larger players.
Fuzzy Logix was founded in 2007 by CEO Partha Sen and Chief Operating Officer Michael Upchurch, both former investment bankers at Charlotte-based Bank of America (NYSE: BAC). In addition to its Charlotte headquarters, Fuzzy Logix operates an R&D site in Bangalore, India, which will also get a cash infusion from the fundraising round.
“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,” Sen said in a statement.