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Funding will be used to expand internationally, and to expand to data types other than social
The funding was led by Insight Venture Partners, with participation from existing investors Scale Venture Partners, Upfront Ventures, IA Ventures, Northgate Capital, Daher Capital and Cendana Capital.
DataSift's previous funding round include a raise of $6 million round of funding co-led by IA Ventures and GRP Partners in July 2011; $7.2 million from GRP Partners and IA Ventures in May 2012; and $15 million from Scale Venture Partners, GRP Partners, IA Ventures Northgate Capital and Daher Capital in November of last year.
The company has now raised over $70 million in total funding.
In addition to the funding news, DataSift also announced that Jeff Horing, co-founder and managing director at Insight Venture Partners, has been appointed to the DataSift board of directors.
DataSift was founded in November 2010, by CTO Nick Halstead, who also created TweetMeme, the makers of the original "Retweet" button.
After Twitter created its own retweet button, pushing TweetMeme out, Halstead began to focus on the company’s other function: curating and ranking links shared on Twitter based on their popularity. That function eventually became DataSift, which launched in November 2011.
It is now a data organization service that helps companies interested in using information from social networks, most notably Twitter, to better their brand and consumer awareness. Essentially, it analyzes the Twitter fire hose and help companies understand what consumers are saying about their brand.
Here's how it works: if a company, let's say Starbucks, is interested in getting feedback about a new special it is running in a particular region, a DataSift search can be created to target certain geographical areas, key search terms and then analyze whether the responses are positive or negative.
DataSift says that it will use the new money it has raised to invest in the platform, expand its global reach and to invest in sales and marketing resources.
Most importantly, it will also use it to "further develop the social data ecosystem and expand into new data types." Basically, the company is saying it will be going in a new direction, expanding beyond being only a provider of data for social sources. These new data types will include internal enterprise and more.
The San Francisco-based DataSift says that it now powers over 1,000 corporate customers across 40 countries. Its customers include Bloomberg, Dow Jones, CBS Interactive, Dell, Marketwired, Dachis Group, Conversocial, HootSuite and Simply Measured.
The company recently teamed up with Tumblr to look at both the site's real-time and historical data to get better insights into user behavior for advertisers to engage with them.
DataSift will comb through social data from the microblogging website, in order to find out what users are talking about, and what topics most engage them.
(Image source: https://datasift.com)
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DataSift Inc. is a social data platform company, enabling enterprises and entrepreneurs to aggregate, filter and extract insights from the billions of public social conversations on Twitter, leading social networks and millions of other sources.
Through a licensing agreement with Twitter, DataSift provides companies with both real-time and historical Tweets to filter and uncover insights and trends that relate to brands, businesses, financial markets, news and public opinion.
DataSift is an on-demand platform with a flexible pricing scale that makes enterprise-level data accessible to companies of any size. DataSift has offices in San Francisco and Reading, U.K. It has received investment from IA Ventures (Roger Ehrenberg), a fund that is focused exclusively on Big Data, and from GRP Partners (Mark Suster). For more information, visit http://www.datasift.com and follow us on twitter @datasift.
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Scale Venture Partners chooses markets for investment based on our insights into trends drawn from primary research with incumbents, customers, competitors and our network of experts. We select companies we think are going after something great.
Our investment strategy makes "scale" relevant to you for two reasons. We operate in markets where you can create large scale success. We work side by side with you to help scale your business to reach its market potential.
Most of our investments are mid to late stage, when the software is being used, the chip is in the fab, and the therapy is being tested on humans. It may still feel early to you. You may be just starting to build out your go-to-market team. It's at this stage that our own practical operating experience drives the best rewards.