SpectX has announced raising investment from Karma Ventures for product development and growth. The startup founded by former security engineers at Skype and Swedbank is developing a powerful analytics software solution for rapid processing of unlimited amounts of data. The product will be publicly launched in autumn 2017.
The company’s technology innovation enables handling of machine generated data in its original location rather than loading it into separate tools and databases for processing. It enables analysts to work and experiment with data faster than is possible with existing tools without fear of errors halting their mission.
SpectX’ CEO Renee Trisberg says that the investment is used mainly for product development. “We have offered SpectX’ solution for testing to several technology companies and government organisations experiencing similar restraints in log and data analysis as we were seeing during our previous career. Their feedback is active and positive, showing strong demand for enhanced features and scalability,“ Trisberg noted.
According to Margus Uudam, founding partner of Karma Ventures, the investors were impressed by the elegant technology behind SpectX. “There is no other product in the market as fast and flexible as SpectX for analysing large unstructured data sets. The professionalism of the team and the initial product they have built show significant potential,” Uudam said.
As the size of digital universe is doubling every two years, data-based decisions are becoming an inescapable necessity for enterprises and governments. Extracting information from machine generated data poses its challenges because of its high volume, volatile structure and scattered storage. There are many log analysis and business intelligence solutions in the market but most of them are priced by data volume and offer limited analytics features compared to SpectX.
SpectX’ solution is currently used by several successful technology enterprises, among them Starship Technologies, a company developing small self-driving robotic delivery vehicles. Its speed, flexibility and ease of use is praised by data scientists, security incident handlers as well as system administrators.