TechStars alum Precog scores $2 million Series A funding

Precog.io

Boulder-based data analytics startup Precog has secured a $2 million Series A financing round, the company announced today at the cloud computing/big data nerdfest GlueCon.

New York City-based RTP Ventures leads the early stage investment and is joined by Resonant Ventures of Ann Arbor, Mich., and Tech Stars Founder and CEO David G. Cohen, who runs Bullet Time Ventures.

Precog provides data analytics and machine learning tools to web and mobile application developers to unlock the gobs of data generated inside software products into useable business intelligence that forms the basis of real-time decision-making, recommendations and predictions.

Founder and CEO John DeGoes says the APIs scratch an itch for companies across a wide variety of industries, from e-commerce and online customer support to mobile advertising, to help them better understand and forecast their own users’ needs and interests that drive consumer behavior. “Netflix and Amazon have been doing this for a decade. But smaller companies haven’t had that capacity until now,” explains DeGoes.

Or at least until February, when ReportGrid spun out the 2011 TechStars Boulder startup accelerator program and officially re-launched itself as Precog at the O’Reilly Strata Conference.

DeGoes and his team discovered through customer interviews that while ReportGrid’s data reporting and visualization product was a nice feature to tuck into an application, the Holy Grail was analytics.

“We fully booked our private beta test the day after announcing Precog,” says DeGoes.

That enthusiasm wasn’t lost on the venture capitalists either.

“Investor frenzy surrounding Big Data makes finding a star company in this space akin to finding a needle in a haystack,” Kirill Sheynkman, Senior Managing Director of RTP Ventures, says in a written statement.

“Precog is a rare find. It is a company taming big data volume and velocity challenges by creating a uniquely-architected, cloud-centric, developer-friendly, SaaS platform for integrating, enhancing, and accessing huge sets of dynamic information. For an investor who spent twenty years building data-centric infrastructure businesses, seeing something shiny in Big Data’s murky waters was an epiphany.”

Sheynkman will join Precog CEO John De Goes and SendGrid CEO Jim Franklin on the company’s Board of Directors.

And, of course, the new cash infusion on top of ReportGrid’s $750,000 seed round raised last October, means Precog is hiring.