EDBI leads data analytics company Paxata's series C round to bring a $18m investment to help with its expansion plans and research and development.
Paxata, a US-based data analytics platform, has raised $18m in its series C round that was led by the investment arm of the Singapore Economic Development Board, EDBI.
EDBI was joined in the round by the US-based venture capital firms Accel Partners (India) and Toba Capital, and international venture capital firm Walden-Riverwood Ventures. All three of these firms reinvested in Paxata this round.
Previously Paxata raised $8m in its series B round in October 2013 from Accel Partners, Toba Capital and In-Q-Tel, the investment arm of the US security agencies. In November 2012 the company raised $1.5m in debt financing.
Paxata’s system allows its customers to analyse data from multiple sources, combining, cleansing and linking the data sets to avoid duplication and error.
Prakash Nanduri, co-founder and chief executive of Paxata, said: “We are pleased to bring together new and existing investors who share our vision of building a sustainable, long term global business based on sound business fundamentals. We are well armed with the financial resources, credibility and the reach to accelerate our growth.”
Paxata will use the funding from this round to increase its research and development and finance its sales and marketing expansion.
Swee-Yeok Chu, chief executive and president of EDBI, said: “The strong infocomm infrastructure and availability of talent in Singapore make us an ideal location from which Paxata can expand its reach into the region. EDBI is excited to play a part in assisting Paxata in connecting with value-adding partners and potential customers as it executes its Asian growth plans.”