Data mining startup
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The automated processing of vast volumes of digital data to discover new patterns and knowledge is known as mining. Weather predictions can be improved, system and computer lifespans can be extended, and a crash can be predicted before it occurs using data analytics.
In Europe, there have been no specific guidelines on text and data mining until now. Data analytics was used by the bulk of Europe’s 1.6 million startups. It’s difficult to imagine a startup that doesn’t use data to gain fresh, more reliable, and smarter insights from data that’s already freely accessible on the internet. Although the Commission recognized the promise of text and data mining, it failed to recognize that startups are the primary users of the technology.
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Celonis, a data mining company that uses artificial intelligence and machine learning to help businesses become more successful, has raised $50 million in a series B funding round valued at $1 billion.
Existing investors Accel Partners and 83North led the round.
Celonis technology analyses a company’s operations — it’s akin to a “full body scan” — and makes suggestions to identify bottlenecks in the supply chain or reduce the amount of steps it takes to process invoices, for example. The technology combines a data technique known as “process mining” with artificial intelligence to collect information about a company’s operations and recommend ways to improve them. Celonis co-founder Alexander Rinke told Business Insider that the $50 million would be used as a “strategic war chest to grow internationally.” “We didn’t collect this money to pay the bills and keep the lights on.” In the next 18 months, Rinke expects to grow his company from 400 to over 1,000 employees. The Munich-based startup, which was created by three German university students in 2011, has experienced massive growth since its inception, owing to the fact that it has gained customers from some of the world’s largest corporations, including UBS, Siemens, and Bayer. Celonis claims that company has increased by 5,000 percent in the last four years, with a 300 percent increase in the last year alone.
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CAMBRIDGE, MA – DECEMBER 09: DJ Khaled shares a snap chat as he joins Harvard Business School on December 9, 2016 in Cambridge, Massachusetts, as part of the Get Schooled Snapchat College Tour and Meet. (Get Schooled Foundation photo by Scott Eisen/Getty Images)
Companies are on a mission to collect your personal data in order to advertise and sell goods, whether it’s monitoring what you post, like, and share with your network, or tracing what smartphone you’re using, credit card you use, and city you buy from.
Companies are, however, building their own internal marketing clouds to gather insights into their target markets in the current climate. As a result, the results are limited, and customers outside of their sample pool are unable to access them. This practice, in addition to causing data loss, also feeds a predatory framework in which corporations and government agencies can use personal data for commercial purposes without their permission. One startup arose to change the paradigm by recognizing the need to provide ordinary people with a safe and enterprising tool to take control of their data.
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Tencent and Temasek led a $300 million Series E round of funding for MiningLamp, which was followed by Douyin’s rival Kuaishou. Kuaishou’s role in the transaction reveals one of the company’s latest marketing technology (martech) techniques.
Palantir, based in Palo Alto and selling to financial institutions, police, and militaries, has long been regarded as one of Silicon Valley’s most clandestine firms. MiningLamp, which was established in 2014, followed Palantir’s lead and began its career working on China’s public security. It began by assisting police officers in the investigation of crimes and eventually spread into finance and industry.
Wu Minghui, the company’s founder, created a data monitoring service for advertisers in 2006, a market where Talkingdata, Question mobile, and Jiguang big data (JG:NASDAQ) are all fierce competitors. MiningLamp has spent enough time in martech to be ready to return there.
MiningLamp unveiled its customer-centered responding system to support business decisions in 2019, following an agreement between China’s Ministry of Science and Technology and the company to launch the country’s new-generation marketing intelligence platform. The app will serve as a marketing brain in collaboration with Kuaishou, gathering and analyzing data from a variety of online sources.