Formula VC, a new fund with a presence in Silicon Valley and London, UK, has announced its first investment. The firm has backed a Swiss startup named Squirro, which develops software that adds context to information.
What Squirro’s technology does is take unstructured data from any digital source and turns it into structured data that can be processed by existing enterprise systems.
Squirro works with inputs that reside inside various business intelligence and customer relationship management platforms, analyzes the data and ‘learns’ to prioritize the information based on user interactions.
Andrey Kessel, managing partner of Formula VC, says:
“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.”
Squirro is also backed by a syndicate of unnamed business angels.
The startup says the proceeds of the financing round will serve to support the ongoing development of its global partner network, and boost the adaptability of its context intelligence solution to multiple business intelligence platforms.
The size of the seed funding round was not disclosed, but we’re told it was larger than your typical angel investment.
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