DataSift raises $42m in funding, aims at enterprise data

Social media monitoring company raises more funding to fuel expansion

Social media analytics company DataSift has received $42m in new funding, and aims to looking at analysing business data next.

The company aggregates data from Twitter, Facebook, blogs and other forms of unstructured social media data and transforms that data into a standard format for filtering and analysis by customers keen to understand their social media footprint and trends.

The company said the series-C funding, led by Insight Venture Partners, will accelerate the company's growth by expanding its global reach, adding sales and marketing power and allowing it to expand into new data types, including internal enterprise data. The company has now raised more than $70m to date.

"Social is generating billions of conversations every day and that data is fundamentally transforming the way companies communicate and make strategic decisions," said Rob Bailey, CEO of DataSift in a statement.

The company said it has 1,000 corporate customers across 40 countries including Bloomberg, Dow Jones and Dell.

The investment is another timely boost for the UK's tech credentials, and Joanna Shields, CEO of Tech City UK said in a statement: "In the week that Tech City celebrates its third anniversary, this is the latest example of the incredible momentum created by UK digital and tech businesses."