The data-analytics company has raised $28 million in a funding round led by Beijing investment bank China International Capital, which Maana hopes will help the company make inroads in China. Previous investors Chevron and Shell also invested more money in Maana.
Bellevue big-data analytics company Maana has gathered more support from oil- and gas-industry giants and new interest from Chinese investors as part of a $28 million funding round.
The company, founded five years ago, helps big industrial companies make sense of massive amounts of information so they can develop business plans. Maana’s technology, for example, can suggest to an oil company how long it will take to drill a specific well, using data collected from regulations and thousands of other projects.
This funding round was led by Beijing investment bank China International Capital, a partner that Maana CEO Babur Ozden hopes will help the company make inroads in China’s market. Accenture Ventures, Eight Square Capital and Hong Kong-based Sino Capital also participated in the round, as did Maana’s previous investors, including Chevron Technology Ventures and Shell Technology Ventures.
Maana is one of many companies formed in the last couple of years to tackle the issue of “too much data, too little time.” Companies have massive sets of data that could help them make decisions, but it is held in different places and is hard to put together and interpret.
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Maana focuses on the industrial market in part because interpreting industrial data is often a harder challenge than dealing with consumer data, Ozden said, and doing so gives it a major impact in several industries.
Several of Maana’s oil and gas investors are also its customers, and use the technology to help make decisions about multibillion-dollar projects that rely on multiple factors. Maana’s technology makes it easier for these companies to understand how each operational decision will impact the overall project.
The latest funding will be used to continue expanding the company’s technology and to move into China’s large industrial market, Ozden said.
The company has now raised $68 million from investors, including a $26 million round last year.
Maana has headquarters in Bellevue and Palo Alto, California. The majority of its employees, about 75 of 100 total, are based in Bellevue, while Ozden is in Palo Alto.