Formula.VC Fund based in Silicon Valley has invested in a Swiss startup Squirro, which develops software for adding context to information. This is the first deal of the fund, which was founded in 2012 by Russian expatriates. Several unnamed business angels took part in the funding round along with Formula.VC. The transaction amount is not disclosed.
Squirro service searches and delivers information from a variety of platforms on specific request, filtering out the noise to create structured data for both private users and businesses. The eponymous web and mobile application is integrated into several popular platforms - QlikView, Salesforce, SAP byD, etc. The startup will spend some of the funds received on cooperation with other platforms.
According to the Fund representative Andrey Kessel, it is increasingly difficult to make sense of modern landfills of digital data, and even more difficult to find the right information. In this regard, Squirro technologies will become very popular as they are easy-to-use and make people's lives much easier.