Newly Funded B2B Startups Get Creative With Enterprise Data

B2B startups are increasingly building themselves on top of troves of enterprise data, uncovering new ways to unlock and aggregate information across enterprise platforms, and introducing new ways to analyze and make use of that data.

This week’s B2B venture capital roundup includes a slew of companies experimenting with enterprise data use cases. They include Internet of Things (IoT)-connected manufacturing machines, cross-platform financial data analysis, predictive analytics for inventory management and more. In all, more than $87.8 million was raised by B2B startups tearing down data silos.

Trovata

In addition to launching its cash automation solution, Trovata secured an undisclosed amount of Seed funding from partner JPMorgan Chase, a press release said this week. The company’s technology automates the aggregation and normalization of financial data in real time, across bank accounts and other financial portals, via open banking and application program interface (API) technologies. The Seed funding coincides with Trovata’s ongoing pilot of its solution with Square Treasury using JPMorgan Treasury Services APIs, and will be used to focus on product development and new customer engagements.

Guru

With its vision set on a different application for real-time data, Guru revealed a $25 million Series B funding round this week from Thrive Capital, Emergence Capital, FirstMark Capital, Slack Fund and MSD Capital. The company provides real-time data visibility to corporate employees, aiming to address the friction linked with key information that professionals often need stored across disparate, siloed systems. The company targets teams in the customer success, customer support and sales functions of the enterprise, and existing customers include Spotify, Square and BuzzFeed. Guru said it will use the investment to focus on further innovation of its solution.

OweMe

In another Seed funding round this week, U.K.-based OweMe announced $1 million from pi Ventures, the firm’s first investment in a startup outside India. OweMe operates a supply chain financing solution that links banks to corporate buyers in need of funding for their outstanding invoices. The company said it will use the funds to continue focusing on product development, as well as add new staff members.

Celect

NGP Capital led a $15 million Series C funding round for Celect, a company that deploys predictive analytics within its inventory management and optimization solution for retail customers. The firm provides a Software-as-a-Service (SaaS) predictive analytics platform, allowing retailers to better manage inventory across their supply chains and storefronts. Existing backers Fung Capital, Activant Capital and August Capital also participated in the round, which will be used to add new members to the firm’s engineering and sales teams. Celect also said in its announcement that it will focus on further enhancing its technology and growing its market share.

4iQ

It wouldn’t be a B2B venture capital roundup without an appearance from a cybersecurity firm. This week, it’s 4iQ, which announced $18 million in Series B funding for its identity attribution analysis and identity theft protection intelligence technology. The company announced the funding from C5 Capital, while ForgePoint Capital, Adara Ventures and Benhamou Global Ventures also participated, and said it would use the funding to continue focusing on product innovation and customer acquisition. The company provides technology to other cybersecurity experts, empowering them to more adequately identify who was behind an attack or data breach.

MachineMetrics

MachineMetrics targets the manufacturing sphere with its IoT and data analytics technology, aimed at empowering businesses to visualize actionable data streaming from their machines. The company announced $11.3 million in Series A funding. led by Tola Capital, while existing backers Hyperplane Venture Capital, Long River Ventures, MassVentures, Hub Angels and Firebolt Ventures also participated. MachineMetrics plans to use the investment to augment its data science and product development teams, and to focus on global sales, a press release noted.

Access Fintech

Targeting financial institutions (FIs), Access Fintech has developed a risk management and exception resolution tool that aggregates data across systems and enables users to prioritize their risks. Via the Collaboration feature of its Global Exception Network, users can link their exceptions to other institutions to more seamlessly resolve them. This week, the company announced a $17.5 million Series A funding round, with JPMorgan Chase, Goldman Sachs, Credit Suisse and Citi participating, according to a press release. The FIs have already been using Access Fintech solutions to reduce their operational risks, the company said, adding that it will use the funds to enhance its investment in risk and exception management services. Access Fintech also plans to focus on global account coverage and accelerate adoption of its solution among other financial institutions.