Tech Funding Recap for July 21, 2021

Technology plays a role in almost everything we do. Updates are constantly being made to make life more convenient. Companies must be innovating on an ongoing basis to keep up with the demand.

Orca and Dataminr are two firms on the cutting edge of technology. Both recently completed funding rounds that will help them move forward in expanding their businesses. Read on to find out how they will be using the money they raised.

Dataminr

Data analytics is a driving force in today’s world of tech. Companies use the data they collect to determine trends and improve products and marketing strategies to help them better connect with their target audiences.

Dataminr provides insightful analytics via a discovery platform that detects patterns of events and information from public data signals. The platform claims to perform trillions of computations a day across billions of public data inputs. It studies text, images, videos, and logs from sensors drawing from over 100,000 sources including blogs, social media, web forums, radio and audio transmissions, cyber signals, internet of things devices and the dark web.

The company produces a variety of products that use AI to parse and analyze the data it collects. These are used by businesses, newsrooms, and individuals to detect high impact events and emerging risks. For instance, one of the world’s largest airlines uses it to detect events that will require adjustment in flight schedules. Signals on breaking events are delivered to clients nearly four times ahead of wire services.

The New York based company recently announced the closing of a $475 million fundraising campaign making for a post-money valuation of $4.1 billion. The funds will be used to accelerate the growth of its corporate business line and to expand international investments.

Orca

With more businesses going digital, cybersecurity has been an issue that’s on everybody’s mind. While security software is available, it’s often costly and difficult to manage.

Orca provides a cloud native solution that provides high level security without the complexity making it a favorite for many businesses.

The platform’s ease of use is largely due to its SideScanning technology that automatically reads cloud configurations to detect risks and vulnerabilities. It eliminates the need to install numerous security agents so it can be launched to perform scans almost immediately. It also helps with compliance across major cloud providers like Google Cloud, Microsoft AZURE, and Amazon Web Services.

Additionally, it makes it easier for developers and security teams to collaborate. Teams no longer need to slow application development by stopping to check in with each other. The ability to instantly launch the program eliminates the friction by giving each team insight on the issues that need to be fixed.

The platform’s ability to provide a solution that so many businesses have been looking for has allowed the startup to grow exponentially. Orca’s annual revenues rose 1000% in 2020. They are keeping the momentum going and just announced a $210 million venture capital round. Considering previous funding rounds of about $300 million, the company currently has a valuation of $1.2 billion.