Recommind Takes in $15M for E-Discovery

Another e-discovery company is making news this week, as San Francisco-based Recommind has announced that they’ve raised $15 million to spread their CORE technology platform into new markets. The new investment, a Series C round, comes courtesy of SAP Ventures.

Recommind offers a host of e-discovery services that are predominantly used by legal teams for document review and discovery. All of Recommind’s products are built on what they call a “context optimized relevancy engine” (or CORE), which essentially uses machine learning and advanced analytics to identify patterns and concepts in unstructured, human-generated information such as email, word-processing documents, voicemail and social media.

“Unstructured data is the largest, fastest-growing part of modern business, and right now it is managed ineffectively,” said Recommind CEO Bob Tennant in a statement. “This impacts you whether you’re a CIO, an attorney, a contract analyst, an IT professional or someone who needs to find documents on an important project… With our CORE platform, we have the opportunity to solve some of the most difficult and costly problems in the enterprise.“

A key part of the CORE platform is the machine learning algorithms that deliver Recommind’s predictive document coding process. Using NoSQL database technology combined with Recommind’s analytics process, companies are able to manage huge amounts of unstructured data, providing the ability to quickly call up and review relevant documents when needed, eliminating the time and money spent on expensive human labor doing it one document at a time.

Recommind says that they have been profitable for several years now, having experienced 50 percent revenue growth globally, 50 percent in EMEA and 93 percent growth in its On-Demand cloud-based business in the last year alone. With the new funding they plan to expand on this success by reaching into new markets, including healthcare, financial, energy, government, manufacturing, and retail.

“Recommind’s CORE platform is poised to disrupt huge segments of the enterprise software industry,” said SAP Ventures Managing Director Gaurav Tewari. “Recommind impressed us with its rapid growth, its momentum in the enterprise and its ability to solve critical problems across a range of industries, including legal, healthcare and financial services.”

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