RapidMiner, a Cambridge, MA-based open source predictive analytics platform, closed a $16M equity financing round.
The round was led by new investor NGP with participation from existing investors Ascent Venture Partners, Earlybird Venture Capital, Longworth Venture Partners and Open Ocean Capital. In conjunction with the funding, Upal Basu of NGP will join RapidMiner’s Board of Directors.
The company will use the funds to further invest in sales and marketing to grow adoption of its predictive analytics platform.
Led by Peter Lee, CEO and president, RapidMiner provides an open source platform for enterprises to include predictive analytics in any business process.
The company is doubling revenue annually and grew to over 100 employees in 2015.