Clearforest, a data solutions company, has raised $12m in its second round of financing.
DB eVentures, Deutsche Bank’s strategic private equity arm, lead the round by investing $4m. Other investors included Polaris Venture Capital, HarbourVest Partners and Walden Israel.
ClearForest says it will use this round of funding to expand its sales, marketing and business development operations.
ClearForest's technology provides a knowledge extraction system that can read and interpret vast amounts of text from any source, pinpoint relevant information, identify complex relationships and deliver visual, interactive executive summaries at the click of a mouse. It can read 200 pages of text per minute.
The company's products are used in sectors including financial services, biotech and automotive, customer relationship management, competitive intelligence and intellectual property management. Its customers include Credit Suisse and General Motors. The company has its headquarters in New York and research and development facilities in Or Yehuda, Israel.
Barak Pridor, CEO of ClearForest, said, ” DB eVentures will add tremendous value as a financial advisor and significantly enrich the development of our product offerings, as well as giving us access to its customer and vendor base and exposure to the financial services market.”