Helping companies turn unstructured data into a business knowledge gold mine is the main focus for many start-up tech companies. One such tech company, Attivio, recently announced they have received their first round of outside funding. Details can be read in the Boston.com article, “Attivio collects $34 Million in New Funding to Help Companies Figure Out What They Know.” The investment is explained,
Oak Investment Partners is leading a $34 million round. ‘Before this, we had money from the founding team, but no outside venture capital,’ Riaz says. The company got its start in 2007.
Plans for the funding is also explained,
The new funding will primarily go to sales and marketing, but the company also plans to dedicate some of the $34 million to additional product development. The company is hiring in all of its offices, in Massachusetts, Israel, Germany, and the UK.
Attivio founder Ali Riaz was previously president of FAST Search & Transfer, an enterprise search company sold to Microsoft in 2008. The funding is good news, but funneling most to marketing rather than developing more innovative solutions and improvements may not be the best for customers. When it comes to enterprise search, it may be worth it to look at solutions from the open source community. LucidWorks Search is a commercial-grade and cost-effective development platform that allows for building highly scalable search applications that can be deployed on-premise, in the cloud, or a hybrid deployment. In addition, the open source community is dedicated to collaborating and developing innovative solutions.
Philip West, October 31, 2012