DataSift receives funding from US investors

Social data mining platform DataSift has turned to US-based IA Ventures and GRP Partners to secure a $6 million (£3.76 million) funding round.

The UK-based technology start-up will use the financing to build global sales and develop support teams to manage the surge in demand for the platform, according to a statement.

DataSift is one of only two companies globally licensed by Twitter to re-syndicate its content.

The funding was co-led by early stage investors IA Ventures and venture capital firm GRP Partners.

Mark Suster, partner at GRP Partners, says, ‘In a market where real-time data is exploding, companies that can process, understand and harness the value of this information will drive real value. DataSift makes the stream manageable for other companies to digest it.’

IA Ventures founder and managing partner Roger Ehrenberg believes that DataSift is ‘one of the first tools to pierce the veil of monetizing Twitter’, adding, ‘DataSift is mining the very source of today’s big data – the social media landscape which is still the wild west from a data management standpoint.’

The platform also incorporates other real time feeds and adds additional meta data such as location and user information.

DataSift develops the TweetMeMe product which aggregates the popular links on Twitter.

Todd Cardy

Todd Cardy

Todd was Editor of between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

Related Topics

Early Stage Funding