RedPoint Global Closes $5.2 Million Financing Led by Grotech Ventures
New Financing Fuels Continued Rapid Growth in Big Data and Marketing Software Markets
WELLESLEY HILLS, MA–(Marketwired – Aug 6, 2014) – RedPoint Global Inc. (www.redpoint.net), a leading provider of data management and digital marketing software, today announced a $5.2 million growth financing led by Grotech Ventures of Vienna, Virginia, with participation from Sagamore Ventures, LLC of Baltimore, Maryland. RedPoint will use the investment to accelerate sales and marketing initiatives around its recently launched Data Management for Hadoop 2.0 product. Already established in the marketing campaign management area, RedPoint plans to leverage its technology to help companies of all sizes quickly and effectively take advantage of Big Data in traditional business areas, including marketing.
“According to IDC Research, 90 percent of today’s data was created in the last two years. The growth of data will continue as more devices come online, giving enterprises more access to information of all kinds. In this scenario, Hadoop is a potential game-changer. It will enable more companies to effectively monetize their data by using it in ways that we haven’t even imagined yet,” said RedPoint Global CEO and Founder Dale Renner. “The big limitation to this is really twofold; the poor quality of data sitting in the cluster and the cost and scarcity of talented MapReduce programmers. RedPoint is the first company to address both of these issues.”
Renner’s two previous companies in the data space were acquired for a combined $935 million, and prior to that he ran Accenture’s CRM practice for 21 years.
In addition, the company is also experiencing rapid growth for its marketing software platform, RedPoint Interaction™, and its traditional data management products. These products are also available as a unified offering called the Convergent Marketing Platform™, which provides all of the functionality necessary to receive raw data and, in turn, utilize that data to deliver highly targeted and timely cross-channel communications, all in one cohesive platform.
“We are thrilled to be joining forces with RedPoint Global as they continue to change the game in Big Data and marketing software,” said Lawson DeVries, a general partner at Grotech Ventures and new RedPoint board member. “The RedPoint investment opportunity was the rare combination of an experienced, proven management team with leading technology in multiple high-growth markets. The new Hadoop product is already experiencing significant customer demand, adding top-tier logos to an already impressive global customer base.”
In 2013, RedPoint was named to the Gartner Magic Quadrant for Data Quality Tools. In 2014, RedPoint was selected from 2,000 vendors as one of the Big Data 100 by CIO Review and a team of industry experts. RedPoint was also recently listed in the Gartner Magic Quadrant for Multichannel Campaign Management.
About Grotech Ventures
Founded in 1984, Grotech Ventures is a leading investor in high-potential technology companies. With more than $1.3B under management, Grotech seeks innovative IT companies with particular emphasis on digital and social media; software and SaaS; security and storage technologies; healthcare information technology; and communications technology and services. Grotech continues to invest and add value throughout the growth of its portfolio companies. General partners include Frank Adams, Chuck Cullen, Lawson DeVries, Steve Fredrick, Don Rainey and Joe Zell. The firm has offices in Virginia, Maryland and Colorado. For more information, please visit www.grotech.com.
About Sagamore Ventures, LLC
Sagamore Ventures, LLC is a Baltimore, MD based fund that invests in various early stage companies on behalf of Kevin Plank, Founder and CEO of Under Armour, Inc. (NYSE: UA)
About RedPoint Global Inc.
RedPoint Global offers a comprehensive set of world-class ETL, data quality and data integration applications that operate in and across both traditional and Hadoop 2.0/YARN environments. The company also offers data-driven customer engagement solutions that help companies derive insights from customer behaviors and create consistent, relevant and precise messaging across any and all channels required. All RedPoint applications offer a unique visual user interface that eliminates the need for programming skills, allowing enterprises to utilize all data to achieve their strategic business goals. For more information visit http://www.redpoint.net or email firstname.lastname@example.org.