SpaceCurve, a company that’s into developing big data solutions, has recently acquired a generous $2.7 million worth of new funding. Some of the investors who took part in the particular round include Reed Elsevier Ventures as well as Divergent and Musea Ventures.
The company’s new CEO John Slitz shares more to us about the company and this new funding success in this recent e-interview with Lead411:
Who are your competitors and how are you different from them?
SpaceCurve is developing a product that will ingest, store and analyze large amounts of geospatial, geotemporal and machine-generated sensor data in real time. Although competitors such as Hadoop and NoSQL providers, other relational database and large shared storage systems, such as those from Google and Amazon, are attempting to address this challenge, their systems are not designed to handle both scale and complexity in real time.
SpaceCurve’s revolutionary patternbase system will provide our customers with the ability to leverage large, multidimensional data sources in real time in ways that are not achievable with other systems. Further, SpaceCurve will offer graph analytics capabilities that will bring a new level of speed and power to the market. Our graph analytics provide the ability to perform distributed, parallel joins and flexibly analyze complex data across distributed environments – a process that enables larger and more complex datasets to be analyzed in real time.
What marketing tactic has given you the highest ROI? What
percentage ROI do you get back on this?
As a startup we are introducing our company to the market and working on our messaging to determine the best way to communicate the advantages our technology provides and the market problems we address. As we have not yet launched our product, we don’t measure a hard ROI based on sales revenue or leads generated. Instead we are measuring coverage on the amount of positive comments our discussion is generating. Based on that metric, we’re very pleased with our results so far.
What do you plan to spend your new funding on? Product development? Marketing?
Our current funding and next round are predominantly earmarked for product development and then product launch early next year. We’re building a team to execute our plans and bring out a world-class product that will change expectations in the big data market.
If this is your first round of financing and you’re the CEO, how
many hours did you put into working on getting your financing? Was that taking up the most of your day?
It took us several months to close our last round and I am now working on the next round. We are seeking to raise $8M in the next four months. Fund raising where I currently spend most of my time.
If you are the CEO, what are your biggest challenges?
Bringing a new product to market requires the ability to balance the demands of fund raising, organizational growth and strategic alignment. It is very easy to be pulled away from your plan by the daily urgencies that appear in every part of the business. Keeping the excitement and momentum focused is my biggest daily challenge.
How many employees do you have?
We currently have 9 employees and open positions for 5 more predominantly in Engineering. It is our plan to grow to 27 by yearend with the non-engineering groups in the company growing in the second half of the year.
SpaceCurve was founded in the Fall of 2010 based on the prior work done by Andrew Rogers our Founder.
When were you founded?
We have not launched our product yet, so are not producing revenue at this time.
Want to read more about their new funding? Check their press release here.