Dataminr wants to break news faster than the speed of light. Or at least faster than news outlets.
Dataminr has closed $30 million for its real-time analytics service that helps enterprise clients keep tabs on the pulse of their industry.
The company takes social media data and analyzes it for “hotspots of activity.” The system then creates a customized signal stream of market-relevant information, noteworthy events, and emerging trends that clients can refer to while making decisions.
Dataminr has a strategic partnership with Twitter that includes real-time access to the Twitter Firehose. The company claims that its software can detect and send alerts in advance of mainstream news. It notifies clients of actionable opportunities when they first emerge.
Two recent examples of these alerts include confirming the AP Twitter hack was a hack four minutes before it was reported and alerting its clients of the Baltimore train derailment 16 minutes ahead of mainstream news.
Its primary clientele are financial organizations, where even a short headstart can give them an edge. It also works with government customers. This funding will help Dataminr enter new verticals. Venrock and Institutional Venture Partners led this round with participation from existing investors GSV Capital Corp, Deep Fork Capital, and Wharton Equity Partners.
Dataminr was founded in 2009 by a trio of former Yale University classmates who brought together their experience with social media analytics, big data, and finance. The current team is made up of data scientists, PhDs, and engineers. It also includes people with professional experience at financial institutions like Morgan Stanley, Goldman Sachs, and Merrill Lunch as well as the U.S. Department of Defense and Department of State.
The company has raised $46.5 million to date. Dataminr is based in New York.
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