Enterprise IT Startup Squirro Raises $10 Million

Zurich-based startup Squirro announced it has raised $10 million in Series B financing. Orange Growth Capital and Salesforce Ventures participated in the round.

Squirro’s mission is to be a leader in “context intelligence,” which combines structured and unstructured data to provide insight into big data. The company’s cognitive insights engine enables companies to turn meaningless data into actionable insights and gain a better and faster understanding of their operations and clients, optimizing their processes and becoming more competitive in ever-changing marketplaces.

Squirro has developed a proprietary digital fingerprint technology that connects personal interests and workflows while learning and refining as user interactions increase. The technology combines unstructured data from different tools users work with and curates a self-learning 360° context radar natural to any enterprise system. The process reduces searching time by 90 percent, significantly cutting costs and allowing for better, more effective decision-making.

In its announcement, the company said Squirro will use the new funding to accelerate growth in emerging markets, strengthen the company’s presence in North America and Europe, and reinforce the R&D team based in Zurich.