Data analytics firm iCreate raises over $9 million from consortium led by Sequoia
iCreate, a data analytics firm has raised nearly $10 million from a consortium of investors led by Sequoia Capital. The company plans to hit a revenue of about Rs 250 crore over 3-5 years through global expansion and domestic business, reports The Economic Times.
The Bangalore based company focused on the Banking industry had raised under $3 million from IDG Ventures in January 2010 which participated in the latest round as well.
The company, founded in 2006, develops products and solutions that integrate with core banking systems.
Vivek Subramanyam, the Chief Executive Officer of iCreate was a senior executive at IT services player iGate. According to the report, the company is seeing triple digit growth rates.
Data analytics and business intelligence is a hot area where Venture Capital firms have made considerable investment in the last two years.
According to Gartner, Big Data will drive $28 billion in IT spending in 2012 and in 2013, it will drive $34 billion of IT spending. Organizations spent more than $12bn in 2012 on business intelligence (BI), analytics and performance management (PM) software in 2011. The segment grew at 16.4 % with nearly two thirds of the market revenue coming form BI platform software.
SAP, Oracle and IBM are large players in the segment and then there are many small businesses riding the growth. Small businesses and startups usually position themselves as companies that have a heavy niche focus and have high talent density to tackle big data problems.
Sequoia backed Mu Sigma and Bangalore based Affine Analytics are some of the new generation companies that rely heavily on mathematical and statistical models to improve processes and help decision making. Affine Analytics recently raised angel funding from a Bangalore based investor.