Squirro announces new product and funding28.05.2013 12:19
Squirro announces a funding round from a consortium of new investors led by Formula VC, a transatlantic venture fund investing mostly in B2B solutions in information technology. In addition the start-up from Zurich has launched its new context intelligence solution for Business Intelligence (BI) suites.
For example a leading international investment bank integrates Squirro to provide a real-time stream of news and insights to the numeric data analysis provided by the Qlikview BI suite. Squirro helps a number of Fortune 500 companies to unearth insights from silos of unstructured data in areas such as insurance claims, application management, social media monitoring, supply chain tracking.
Squirro also announced that the company secured additional funding from a consortium of new investors lead by Formula VC, a transatlantic venture fund investing mostly in B2B solutions in information technology and communication sectors.
Andrey Kessel, Managing Partner of Formula VC, said: “Corporations have been gathering landfills of digital data, which they find increasingly difficult to make sense of. Squirro’s Digital Fingerprint Technology enables these corporations to put this data into context with unprecedented simplicity and significantly improve their decision-making ability. We are thrilled to be an active part of Squirro’s on-going rise to success and are honored to join such a strong syndicate of business angels.”
Dorian Selz, CEO of Squirro, added: “We are very excited to welcome Formula VC on board. Mr. Kessel’s vast experience and strong foothold in both startup and investment communities, supported by a very strong network and level of understanding of our industry that Formula VC brings, will greatly contribute to furthering Squirro’s leadership of the new and exciting category of context intelligence software. We have already seen our new shareholder make a significant positive impact on the company.”
The funding will be used to support Squirro’s growth through the development of its global partner network and further develop the adaptability of its Context Intelligence solution to multiple Business Intelligence platforms.
Squirro is the category leader in Context Intelligence. Squirro correlates unstructured data from any digital source to structured data of already existing enterprise systems. Squirro works with inputs, which already exist within BI and CRM platforms and analyses and learns to prioritize the information based on user interactions. The highly skilled Swiss team of search experts has been working together for over 10 years to create a precise software engineering solution that delivers unstructured data in context, real-time.