NEWS4 May 2012

Twitter data sifter gets $7.2m investment

Financials North America

US— Datasift hit the headlines in February when it became the first company to licence two years’ worth of Twitter data for market research analysis. Now it has raised $7.2m in funding.

CEO Rob Bailey said the social data company wasn’t “actively looking” for financing, but instead had received an offer from existing investors GRP Partners and IA Ventures for a follow-on Series A round.

The funds will support the continued growth of the business, which launched in November and has attracted 200 customers to date. On launching the Historics service – which aggregates and filters data collected from archived tweets and delivers it into social media monitoring, business intelligence and CRM applications – the company said it had 1,000 other firms on a waiting list.

Alongside Twitter, Datasift also analyses social media data from 20 other sources including YouTube, blogs and forums.

Bailey said: “We’re seeing everything from business intelligence, stock-trading models, public health applications and social TV guides being built with Datasift.

“A big part of [the founder] Nick Halstead’s vision has always been to democratise the social data market – opening it to both small and large companies,” he said. “We’re starting to see this play out.”