NEWS14 June 2013

Dataminr gets VCs to dig deep for $30m investment


US — Social media analytics firm Dataminr has raised $30m in financing, with the funds earmarked for expanding into new vertical markets.

Dataminr’s core business at the moment is to analyse social media streams on behalf of financial services firms to alert them to market-moving information before it appears in the news.

It has a relationship with Twitter which gives it real-time access to Tweets. Dataminr CEO Ted Bailey said: “Our proprietary real-time multivariable algorithms dynamically cross-correlate public Tweets with a wide variety of other data-sets to identify the most relevant and actionable information when it first emerges.”

Venrock and Institutional Venture Partners led this most recent round of funding. In a previous round, Dataminr raised $13m from GSV Capital Corp, Deep Fork Capital and Wharton Equity Partners.