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REvolution Computing Announces $9 Million in New Funding and Names Norman H. Nie CEO
- - REvolution Computing, the leading commercial provider of software and support for the open source "R" statistical computing language, announced that predictive analytics software pioneer Norman Nie has been named CEO. REvolution also announced it has received additional funding of $9 million from North Bridge Venture Partners and Intel Capital.
Basil Horangic, partner at North Bridge said, "Two million R users already depend on R to solve critical statistics and predictive analytics challenges. R has quickly grown to a breadth of functionality that challenges its predecessors SAS and SPSS, and its growth is accelerating as the R community contributes more and more code. Over time, the open source R project is destined to become the ultimate repository of all of the world's statistics and analytics capability. REvolution Computing has done a great job in helping the R community to move the open source project forward, and in facilitating the broad adoption of open source R-based software in business. REvolution provides the features and support required for enterprise deployment of R in the life sciences, financial services and indeed virtually every industry. I have known Norman Nie, founder, CEO and Chairman of SPSS, for many years, and if ever there was a figure in the world of predictive analytics who can help REvolution R fulfill its destiny, it's Norman."
Nie founded SPSS in 1968 and guided its growth over many years as it became one of the two leading first generation statistics software companies before being acquired by IBM in August 2009 for $1.2 billion. While leading SPSS, Nie also held professorships at The University of Chicago and Stanford University. One of the nation's most prominent scholars in the field of American political behavior and public opinion, Professor Nie has published numerous award-winning books. In 2007, he received a lifetime achievement award from the American Association of Public Opinion Research (AAPOR) for his contributions to survey analytics as well as his works in political behavior. He was recently appointed a fellow of The American Academy of the Arts and Sciences (AAAS).
On taking the role of CEO, Norman Nie stated, "I am keenly aware of R's roots in the academy, just like SPSS before it. We will continue our close relationship with the academic community, even as we meet the needs of commercial users, and we will expand our commitment to the R community in terms of products, services and resources. REvolution R Enterprise has the DNA to be the world's dominant analytics platform across commerce and government. For large companies and enterprises looking to take advantage of predictive analytics solutions based in open source, we will create enhanced functionality, usability and scalability."
"I want to thank the company as well as North Bridge and Intel for placing their trust in me," Nie added. "And I want to pay special tribute to REvolution's founder Richard Schultz. He had the vision and assembled the team to create the company and its outstanding products that hold so much promise for statisticians and quantitative analysts in every field."
REvolution's founding CEO Richard Schultz said, "As reported in The New York Times and elsewhere, the next era of predictive analytics is upon us and REvolution is at the forefront. What we started in 2007 has now grown tenfold, and this financing affirms our positioning. This new capital combined with the proven leadership of Norman Nie promises to be an unbeatable combination of technology, vision, and the ability to execute in today's marketplace."
Lisa Lambert, managing director at Intel Capital said, "Intel Capital's original 2007 investment in REvolution Computing was based on the realization that R has the potential to become the future analytics engine for many of Intel's key financial services, healthcare and energy customers. With the financial backing of North Bridge Venture Partners and Intel Capital and the leadership of Norman Nie, we believe REvolution Computing is well positioned to become the leading provider of R to enterprise customers and drive commercial use of R into a wide variety of business contexts."
About REvolution Computing
REvolution Computing is the leading commercial provider of software and support for the open source "R" statistical computing language. Our products, including and REvolution R Enterprise, enable statisticians, scientists and others to create superior predictive models and derive meaning from large sets of mission-critical data in record time. REvolution Computing works closely with the R community to incorporate the latest developments in open source R and with our clients to support their efforts to produce ground-breaking innovations in life sciences, financial services, defense technology and other industries where high-level analytics are crucial to success.
The product names "RPro," "ParallelR," "REvolution R," and "REvolution R Enterprise," are trademarks of REvolution Computing.