Predictive analytics specialist Apigee has raised $60m in venture financing, which it will use across all areas of its business, to keep up with demand for APIs and big data systems.
Apigee combines predictive analytics and advanced machine learning to analyze many types of data and build a comprehensive understanding of individual customers – including their demographics, social media usage, and product interaction. In January, the firm acquired cloud-based predictive analytics firm InsightsOne, and it has since integrated the latter’s digital business platform for mobile apps, APIs and data analytics into its own offer.
New funding has been led by Pine River Capital Management, and Wellington Management Company, with participation from Apigee investors Norwest Venture Partners, Bay Partners, Third Point, SAP Ventures, and funds managed by BlackRock, Focus Ventures, and Accenture. To date, the company has raised $171m.
Chet Kapoor (pictured), Apigee CEO, comments: ‘We’ve had a phenomenal year, and our momentum is accelerating as companies digitally transform to delight customers and grow with unprecedented speed and scale. Our investors now include three crossover firms and two of the largest public investors in software-as-a-service (SaaS), a strong validation of our technology, opportunity and business model.’