Global Big Data Conference

Big data analytics startup Quantexa today closed a $64.7 million financing round at a valuation "well north of a quarter billion dollars," which a spokesperson told VentureBeat will be put toward accelerating the company's product roadmap and expansion in Europe, North America, and Asia Pacific regions. It comes after a year in which Quantexa landed customers like SBC, Standard Chartered Bank, and OFX and expanded the availability of its platform to more than 70 countries. Enterprises have multiple data buckets to wrangle -- upwards of 93% say they're storing data in more than one place -- and some of those buckets inevitably become underused, partially used, or forgotten. A Forrester survey found that between 60% and 73% of all data within corporations is never analyzed for insights or larger trends, while a separate Veritas report found that 52% of information stored by organizations is of unknown value. The opportunity cost of this unused data is substantial, with the Veritas report pegging it as a cumulative $3.3 trillion by the year 2020 if the current trend holds.