Squirro announces new product and funding

May 28, 2013

World’s first context intelligence solution accelerates its growth

 

  • Funding round from a consortium of new investors lead by Formula VC, a transatlantic venture fund investing mostly in B2B solutions in information technology.
  • General availability of Squirro’s new context intelligence solution for Business Intelligence (BI) suites. 

 

Zurich May 28th, 2013

Today Squirro, the leading provider of Context Intelligence software, has announced general availability of its Context Intelligence solution for Business Intelligence (BI) suites. This disruptive integrated combination of Squirro and BI platforms delivers real-time and accurate context intelligence to any point of insight uncovered through a BI system.

For example a leading international investment bank integrates Squirro to provide a real-time stream of news and insights to the numeric data analysis provided by the QlikView BI suite. Squirro helps a number of Fortune 500 companies to unearth insights from silos of unstructured data in areas such as insurance claims, application management, social media monitoring, supply chain tracking.

Squirro also announced that the company secured additional funding from a consortium of new investors lead by Formula VC, a transatlantic venture fund investing mostly in B2B solutions in information technology and communication sectors.

Andrey Kessel, Managing Partner of Formula VC, said:

“Corporations have been gathering landfills of digital data, which they find increasingly difficult to make sense of. Squirro’s Digital Fingerprint Technology enables these corporations to put this data into context with unprecedented simplicity and significantly improve their decision-making ability. We are thrilled to be an active part of Squirro’s on-going rise to success and are honored to join such a strong syndicate of business angels.”

Dorian Selz, CEO of Squirro, added:

“We are very excited to welcome Formula VC on board. Mr. Kessel’s vast experience and strong foothold in both startup and investment communities, supported by a very strong network and level of understanding of our industry that Formula VC brings, will greatly contribute to furthering Squirro’s leadership of the new and exciting category of context intelligence software. We have already seen our new shareholder make a significant positive impact on the company.”

Squirro is the category leader in Context Intelligence. Squirro correlates unstructured data from any digital source to structured data of already existing enterprise systems. The precision and relevance of the information delivered by Squirro is achieved through the patent pending Digital Fingerprint Technology. Squirro works with inputs, which already exist within BI and CRM platforms and analyses and learns to prioritize the information based on user interactions.

Sachin Mitra, UK institutional market coverage at Evercore Private Fund Group said of Squirro’s:

“Squirro has added a layer of real-time integration, ultimately adding value to our research and follow-up capabilities.”

The funding will be used to support Squirro’s growth through the development of its global partner network and further develop the adaptability of its Context Intelligence solution to multiple Business Intelligence platforms.

For further press information please contact:

Cesare Allavena
Marketing Director
Tel: +41 44 586 98 98
cesare@squirro.com