Versive Explained

Versive
Type:Private
Industry:Machine Learning
Foundation:Seattle, United States
Founders:
  • Chris Metcalfe
  • Stephen Purpura
Location City:Wells Fargo Center, 999 3rd Ave #2100, Seattle, WA 98104
Location Country:United States
Area Served:Worldwide
Key People:Joe Polverari (CEO)
Art Munson
Dustin Hillard[1]
Num Employees:50[2]
Products:Versive Security Engine, Versive Machine Learning Platform

Versive was a machine learning startup based in Seattle, Washington, US.[3] [4] Founded in 2012 by Stephen Purpura and Chris Metcalfe, the company sells on-premises software, cloud services, and professional service solutions to help businesses automate human expertise.[5] [6] [7]

As of September 2014, Versive has raised $42 million in total investment.[8] The company changed its name from Context Relevant to Versive in 2017. In October 2018, Versive was acquired by eSentire.[9]

Product

Versive has developed a platform that ingests data, determines what's important, and creates a problem-specific solution that can be deployed while continually learning.[10] The proprietary high-performance machine learning technology accelerates deployment of machine learning solutions.[3]

Problem-specific applications provide an experience that reduces the workload on users building complicated models.[3] [10] Deployment options include public or private clouds, traditional servers, and Hadoop clusters.[3] [10]

Versive's software has been applied in various industries. The information gathered through the technology aims to help clients predict activity based on observed trends. The technology can be used to help security teams detect advanced cyber threats, and won the Best Emerging Security Product at Interop in May 2017.[11] It is useful for calculating prices and other risks.[12] The system can also detect fraud.[13]

Investment history

Versive launched with $1.3 million in seed funding from Madrona Venture Group and Seattle-based angel investor Geoff Entress.[14] Other initial investors included Mike McSherry, Cliff Kushler, and Mark Illing of Swype/Nuance.[14] The startup received an additional $1.5 million in funding from Madrona in November 2012.[15] In July 2013, Versive raised a total of $7 million in a round of series A funding.[10] [16] [17] The round included previous investors such as Madrona and Entress, as well as Vulcan Capital and Bloomberg Beta.[18] [19] [20]

In May, June, and September 2014, Versive raised an additional $35 million in total investment in three chunks from Goldman Sachs, Bank of America Merrill Lynch, Bloomberg Beta, New York Life, Formation 8, Madrona, Work-Bench, and Seattle angel investors.[21] [22]

Partners

Versive has partnered with Good Harbor Security Risk Management,[23] a company founded by Richard A. Clarke, a counterterrorism expert and former cyber-security adviser under the Bush administration.[24] Clarke sits on Versive's advisory board and, through his company, helps Versive to repair security breaches and ensure security compliance, among other services.[25]

Awards and recognition

In May 2014, Versive was named to DataBeat's Innovation Showdown.[26]

In April 2014, Versive was nominated for Pacific Northwest Startup of the Year by GeekWire.[27]

In November 2013, Versive was selected by GeekWire in collaboration with the Museum of History & Industry (MOHAI) and the Bezos Center for Innovation as one of the Seattle 10. This recognizes the most promising young start-up companies within the Seattle region.[28] [29] Context Relevant, along with the nine other companies, was recognized at the GeekWire Gala on 4 December 2013 where they also unveiled a sketch of their business concept on giant-sized cocktail napkins.[30]

External links

Notes and References

  1. News: Context Relevant rebuffs 'acquihire' offers, attracts top data scientists . GeekWire . John . Cook. August 28, 2012 . September 9, 2013.
  2. Web site: Goldman Sachs, Bank of America Fund Context Relevant . 25 September 2014 . Saitto . Serena . Bloomberg News.
  3. News: Data Analysis Startup Context Relevant Raises $7M Series A Round . . July 16, 2013 . September 9, 2013 . Yang, Stephanie.
  4. Company Overview of Context Relevant, Inc. . https://archive.today/20130909053441/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=206826797 . dead . September 9, 2013 . . September 9, 2013.
  5. Web site: Context Relevant Raises $7 Million In Series A . Pulse 2.0 . July 16, 2013 . September 9, 2013 . Chowdhry, Amit.
  6. Web site: Context Relevant Raises $1.3M to Democratize Data Science . . June 28, 2012 . September 9, 2013 . Woodward, Curd.
  7. Web site: Context Relevant: Why Big Data Boffins Are In Demand . IT Trends & Analysis . February 14, 2013 . September 9, 2013 . Wexler, Steve.
  8. Web site: Goldman Sachs, Bank of America Fund Context Relevant . 25 September 2014 . Saitto . Serena . Bloomberg News.
  9. Web site: eSentire acquires cybersecurity AI leader Versive. 23 October 2018. esentire. 24 May 2020.
  10. News: Context Relevant raises $7M for 'world's fastest' predictive analytics engine . . July 16, 2013 . September 9, 2013 . Grant, Rebecca.
  11. News: Best of Interop ITX 2017 Winners Revealed. 2017-05-22. Network Computing. 2017-05-30. en.
  12. News: Bright Idea: Data Processing . Helm . Leslie . February 2014 . Seattle Business.
  13. Web site: Analytics for the rest of us . 31 January 2014 . Daniel W. . Rasmus.
  14. News: From wine picks to stocks: Could the 'big data' geeks at newly-formed Context Relevant predict the future? . GeekWire . June 28, 2012 . September 9, 2013 . Cook, John.
  15. Web site: Context Relevant Adds $1.5M to Seed, Lands Concur as Customer . . November 15, 2012 . September 9, 2013 . Denne, Scott.
  16. Web site: Context Relevant closes $7M series a funding . FinSMEs . July 16, 2013 . September 9, 2013.
  17. Web site: Data analytics startup Context Relevant scores $7M series A from Madrona, Bloomberg and others . Geekwire . July 16, 2013 . September 9, 2013 . Cook, John.
  18. News: Big money for big data: Context Relevant raises $7M from Madrona, Vulcan, others . . July 16, 2013 . September 9, 2013 . Parkhurst, Emily.
  19. Web site: Context Relevant, Ayasdi Score Funds to Automate Big Data Analysis . . July 16, 2013 . September 9, 2013 . Romano, Benjamin.
  20. News: Funding Daily: Twerk . . July 16, 2013 . September 9, 2013 . Kelly, Meghan.
  21. Web site: Goldman Sachs, Bank of America Fund Context Relevant . 25 September 2014 . Saitto . Serena . Bloomberg News.
  22. Web site: Context Relevant Raises $21M To Automate Big Data . 20 May 2014 . Gage . Deborah . Wall Street Journal Digital.
  23. News: Richard Clarke: Context Relevant, Good Harbor Team to Help Target Cyber Threats . 12 February 2014 . Jay . Clemens.
  24. News: Profile: Richard Clarke . BBC News . 22 March 2004 . 20 February 2014.
  25. News: National security expert Richard Clarke to advise Seattle big data startup Context Relevant . John . Cook . 11 February 2014 . 20 February 2014.
  26. News: Drumroll: Announcing the 2014 DataBeat Innovation Showdown finalists . VentureBeat Staff . 14 May 2014 . 14 May 2014 . VentureBeat.
  27. News: GeekWire Awards voting begins: Cast your ballot for Startup of the Year . Cook . John . 14 April 2014 . 22 April 2014 . GeekWire.
  28. News: Meet the Seattle 10: These innovative startups are looking to change the world . Cook . John . 14 November 2013 . 8 December 2013 . GeekWire.
  29. News: Check out these startup business plans, sketched on giant cocktail napkins . Cook . John . 29 November 2013 . 8 December 2013 . GeekWire.
  30. News: The Seattle 10: Hot startups sketch business concepts on giant cocktail napkins . Soper . Taylor . 5 December 2013 . 8 December 2013 . GeekWire.

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