DataSift scores new round to make sense of social data, plans move into startup city

DataSift, a social data platform that extracts large amounts of data from a number of online sources, raised $7.2 million in a first round of funding from existing investors IA Ventures and GRP Partners, the company announced today. The funding will aid in accelerating its growth with real-time and historic social data due to consumer demands.

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Over the last four years, DataSift has developed technology and software that filters through billions of tweets for simpler analysis. The company boasts over 200 corporate customers in its portfolio that is also inclusive of Fortune 500 businesses.

The company’s ability to mine social data from Facebook, Twitter, YouTube, blogs and other mediums is helping businesses understand how its social marketing is reaching out to the public by providing analytic and visualization tools. For nearly $200 per month a business can use the service to enhance the productivity of their social data and analyze consumer interaction.

“DataSift has been flooded with interest from both customers and investors since our launch in November. We are seeing incredible demand from a wide variety of sectors of customers, including Social Media Monitoring, Business Intelligence, News and Finance,” Rob Bailey, CEO, said in a press release. “While we were not actively looking for financing, we were lucky to receive a fantastic offer from our existing investors that will enable us to continue building our business without the distraction of raising a funding round.”

To date the company has raised over $15 million in funding.

Photo via Ken-Lee