The company, which is specializes in unstructured data management, analysis and governance technology, boasts legal clients from Clifford Chance, Morgan Lewis and White & Case to corporates such as AstraZeneca, BMW and the US Department of Energy.

Data management

Recommind’s technology provides rapid insight into massive amounts of data, allowing for quick, accurate decisions.  Its CORE® platform uses machine learning and advanced analytics to identify patterns and concepts in unstructured, human-generated information such as email, word-processing documents, voicemail and social media. 

 “Recommind’s CORE platform is poised to disrupt huge segments of the enterprise software industry,” said SAP Ventures Managing Director Gaurav Tewari. “Recommind impressed us with its rapid growth, its momentum in the enterprise and its ability to solve critical problems across a range of industries, including legal, healthcare and financial services. The secular, explosive growth in unstructured data provides significant tail winds for Recommind to become one of the defining next-generation enterprise leaders within the sector.”

Hybrid-cloud solutions
 
Recommind achieved $70.5 million revenue in 2012 with its hybrid-cloud solutions for eDiscovery, information governance, and analytics. Its customers include Fortune 500 enterprises, government agencies and international law firms. The company has been profitable for the last several years.

Unstructured data fast-growing
 
 “Unstructured data is the largest, fastest-growing part of modern business, and right now it is managed ineffectively,” said Recommind CEO Bob Tennant. “This impacts you whether you’re a CIO, an attorney, a contract analyst, an IT professional or someone who needs to find documents on an important project. Legacy solutions can’t keep up in an age of information overload. We need a new way to access, analyse and govern information—one that is both intelligent and highly automated. With our CORE platform, we have the opportunity to solve some of the most difficult and costly problems in the enterprise. We’re pleased to have a partner like SAP Ventures that shares our vision and can help us reach new heights of success.”

Recommind will use the funds to meet market demand for its CORE® technology platform as well as expansion into new markets.  The Series C deal is a pivotal investment within the SAP Ventures portfolio.