Green Big Data Cruncher Ocient Gets $49.4m Funding

Chicago-based analytics software solutions company Ocient has raised $49.4m in en extended Series B round of funding, earmarked for product development. The firm's software conducts compute-intensive analysis of complex, large-scale data for insights and decision-making, with a focus on energy-efficiency.

The solution includes data transformation, loading, complex query processing, AI and ML among other services into a single, consolidated solution, and can be deployed on premises, in the OcientCloud or the public cloud.

The latest raise is an extension of Ocient's Series B financing, previously led by Greycroft and OCA Ventures, and includes new venture investors Buoyant Ventures, Levy Family Partners, Riverwalk Capital and Wolf Capital Management, as well as all prior major investors. The company has now raised a total of $119m in invested capital since its founding in 2016.

Ocient says minimized time, compute and energy consumption are all benefits of its carbon-neutral system. According to Gartner, 'If current D&A and AI practices remain unchanged, and with their ongoing adoption, the energy needed for machine learning alone may grow to 3.5% of global electricity consumption by 2030'.

Ocient CEO Chris Gladwin comments: 'Organizations are being challenged to deliver energy efficient hyper-growth data analysis without accelerating costs, which has become increasingly challenging as real-time analytics, SQL, AI/ML, and geospatial workloads typically require more energy consumption. The close of this latest round of financing is an indication that the need for the solutions we bring to market is growing across industries, and geographies'.

Web site: www.ocient.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.