Big data startup firm RelateIQ has raised $29 million (£18.5 million) in funding, paving the way for future investment in the lucrative area of data management.
The funds came as part of a Series B venture by Accel Partners, Allen & Co., Battery Ventures, and Dustin Moskovitz, co-founder of Facebook and Asana, according to the Wall Street Journal.
The company is now valued at $100 million (£63.8m), and it has the support of a number of top technology advisors, including Bill Campbell, who coached Steve Jobs, and DJ Patil, former head scientist at professional social network LinkedIn.
RelateIQ was established in 2011 by Adam Evans and Steve Loughlin. It is based in Palo Alto, California, using a room previously employed for Facebook servers. It launched its first public beta this year, promising to help manage, analyse and secure company data.
With RelateIQ still technically in “stealth mode,” the significant investment it has received suggests it is doing something right. The key is the predicted growth in big data, which will force many businesses to look to companies like RelateIQ to help them manage the overwhelming volume of information.
A report by the Harvard Business Review showed that 2.5 exabytes of data was created every day in 2012. While that is a staggering amount, it is expected to double every 40 months, and if new approaches are not introduced then this data will become unmanageable.