Crayon Data, a Singapore based big data and analytics startup which has its development center in Chennai has reportedly raised USD 1.2 million (around INR 9 Crore) in its fresh round of funding led by Jungle Ventures, with participation from SPRING SEEDS Capital.
This round brings the startup’s total funding to date to USD 2.6 million.
Started by Suresh Shankar and Srikant Sastri in 2012, Crayton Data, with its big data capabilities, delivers real business solutions by bringing together large amount of data sets collected from enterprise, public, external internet and social data to a single platform. The company has its two flag-shipped products — Simpler Choices and One Drop Analytics.
Big data, as a market has evolved exponentially in the past couple of years. From investment point of view, the industry has seen a number of investments. Several Indian Big Data firms have managed to make their place in VC’s portfolio recently, including Mumbai-based Heckyl Technologies’ over USD 3.5 million, Qubole’s USD 7 million and Data Weave’s INR 1.5 million.
With huge sets of data being generated every day, thanks to increasing online traffic, big data technology investments have become crucial for companies to increase productivity growth, innovation, and gain competitive advantage. According to NASSCOM, the industry is expected to grow from present USD 200 million to USD 1 billion by 2015.
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