November 03, 2015 09:00 AM Eastern Standard Time
CHARLOTTE, N.C.–(BUSINESS WIRE)–Fuzzy Logix – a Charlotte, North Carolina based startup that specializes in high-performance and predictive analytics for Big Data – announced today that it has raised $5.5 million in Series A funding from New Science Ventures to support business growth.
Founded by Partha Sen and Michael Upchurch, ex-Investment Bankers from Bank of America, Fuzzy Logix changed the landscape and future of analytics with its flagship product, DB Lytix. By introducing the concept of in-database analytics, DB Lytix eliminates the need for data extraction, middle-tier analytics servers and redundant data storage. Consequently, the savings in time, resources and costs have helped a number of clients achieve unprecedented boost in competitiveness and profitability. Notable customers include Raymond James and three of the top five healthcare organizations in the US.
The Big Data technology and services market represents a fast-growing multibillion-dollar worldwide opportunity. A recent IDC forecast showed that the Big Data technology and services market will grow at a 26.4% compound annual growth rate to $41.5 billion by 2018, or about six times the growth rate of the overall information technology market.
Partha Sen, Co-Founder and Chief Executive Officer of Fuzzy Logix said: The application of analytics on Big Data is the future and we plan to use the proceeds to fund R&D and expand our customer coverage throughout the world. We are thrilled to have New Science Ventures as our partner. They bring a wealth of experience in working with Intellectual Property based startups like us.
Vivek Mohindra, General Partner of New Science Ventures and Chairman of the Board at Fuzzy Logix, said: I am really impressed by the team at Fuzzy Logix and the product suite they have developed. They have a strong customer base, with several Fortune 100 enterprises among them. During the diligence process, I was blown away by the strong and loyal following from many of these customers, all of whom are using DB Lytix to address very complex business problems that they cannot solve with any other offering out there.
Some significant achievements of Fuzzy Logix in the past couple of years include:
Released in-database analytics library consisting of more than 700 analytical methods on Teradata, Netezza, Actian Matrix, SAP IQ (formerly Sybase IQ), MySQL, SQL Server and Aster Data
Released a product named AdapteR which allows R users to perform in-database analytics from the R studio using exactly the R syntax for data mining functions
Released its advanced analytics suite on Hadoop wherein analysts can perform predictive modeling and statistical analysis using Hive QL without extracting data
Established several new Fortune 500 customers in the field of retail, manufacturing, banking, health and life sciences, and digital marketing
Built a major research and development center in Bangalore, India
About Fuzzy Logix:
Fuzzy Logix is a market leader in high-performance and predictive analytics for Big Data. We are revolutionizing analytics with our in-database software solutions available on data warehousing and Hadoop platforms. Our solutions help companies make smarter decisions, increase effectiveness and improve performance. These solutions are easy to use and deploy, and run 10X to 100X faster than other analytics products. Our customers are in diverse sectors like banking and finance, insurance, retail, manufacturing, marketing services, and healthcare. We make analytics easy, pervasive and available real-time. To find out how your company can benefit from leveraging high-performance in-database, visit www.FuzzyL.com.
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