RapidMiner provides an open source platform that enables enterprises to include predictive analytics in business processes. Led by CEO and president Peter Lee, the company focuses on growing adoption of its predictive analytics platform. It plans to use new funding to further invest in sales and marketing. RapidMiner is experiencing strong commercial traction, doubling revenue annually. The company grew to over 100 employees in 2015. RapidMiner provides “code-free” analytics tools used for model fitting, predictive analysis and churn modeling. The company says it helps users “extract value from big data,” according to President and COO Michele Chambers. RapidMiner historically developed its tools as open source but in November 2013 shifted to a ‘business source’ model that reserves the most recent product version for paying customers while making subsequent versions available under an OSI-certified open source license. The model supports an active community of third-party developers who can tinker with the code. RapidMiner reports it has tripled product revenues over the past 12 months. The company plans to use recent funding to scale its business-source data analytics service. RapidMiner builds predictive-analytics software that sits on an open stack and ingests data from some 60 structured and unstructured sources, including SAP and Hadoop systems. Its tools are used across verticals—entertainment, technology, pharmaceuticals, government and academia—for use cases such as customer segmentation, loyalty and retention analysis, credit ratings, resource planning and asset maintenance. The company reports roughly 3 million total product/document downloads and about 200,000 users, with paying customers including eBay, Intel, PepsiCo and Kraft; its user base is ~65% Europe, 25% U.S. and 10% rest of world, and 50% of open‑source users are in the U.S. RapidMiner has rebranded from Rapid-I, opened a new Boston HQ and is starting to hire in the U.S. to accelerate North American growth. To support that expansion it added Yahoo’s former chief data officer Usama Fayyad to its board. The company announced its first external funding round to gear up for the next stage of growth.

Total raised

$36M

Funding rounds

3

Latest round

Equity

Latest activity

Jan 2016