Dragonfly Data Factory plans to raise $20-25 million in June-July in Series-A funding. The firm is building products that let its clients to mine and manage data that emanate from multiple sources. It has announced the launch of the cloud-enabled Data Factory.
Addressing a press conference here on Monday, Ram Pothula, Chief Executive Officer of Dragonfly Data Factory, said the one-year-old firm targets to achieve revenues of $12 million by December 31, 2015.
“The Internet of Things (IoT) will result in development of over billion products equipped with sensors. You need to analyse this data along with data that come from social media. Our platform can analyse all of it, where as traditional big data solutions don’t give this holistic view,” he said.
The company, which employs 64 people, plans to hire 300 more by the end of 2015. “We are building a huge space in Visakhapatnam that can house 2,400 people in the next two years. In all, we are going to be a 2,700 employee firm,” he said. The Hyderabad facility, which has 18 employees, will have 150 more by 2016.