Big-Data Startup Hadapt Backed by $6.75M from Atlas
If you know Hadapt, Chris Lynch, and the world of big-data analytics, this is not a big surprise.
Cambridge, MA-based Hadapt confirmed today that it has raised $6.75 million in additional funding from Atlas Venture. The deal was led by Lynch, a partner with Atlas who has been Hadapt’s chairman for six months or so.
Atlas is a new investor in the startup, whose existing VCs are Norwest Venture Partners and Bessemer Venture Partners. The deal brings Hadapt’s total funding to just under $17 million.
“It’s not huge news from our perspective,” says Hadapt’s co-founder and CEO, Justin Borgman.
He adds that the company’s valuation is up significantly since the last round, and that “dilution is small.” The new money doesn’t constitute a Series B round, he adds. “We didn’t need the cash. We’ve got tons of money in the bank. But now we have a little extra fuel in the tank to grow faster.”
Hadapt is trying to merge advanced databases with an open-source software platform called Hadoop, which analyzes huge amounts of data but is typically used only by specialized techies. The goal: to help businesses handle all types of data and queries and do analytics using Hadoop in a fast, efficient, and user-friendly way.
Last month, the company announced version 2.0 of its software, which enables interactive applications with Hadoop and does more on the business-intelligence side with some new integrations (such as with data-visualization firm Tableau Software). Hadapt isn’t naming any new customers yet, but Borgman says financial-services firms, retailers, and Web companies are in its target market. Meanwhile, the startup has grown to 35 employees, almost all of them in Cambridge (there’s a small contingent in Poland too).
Now the focus is on making some dough. “The last six months or so have been great,” Borgman says. “Our product is now on the market.”