Funding

Mark Suster and New York’s Roger Ehrenberg Invest In Big Data Fresh From the Twitter Stream

thisweekinstartups twistepisod1 Mark Suster and New Yorks Roger Ehrenberg Invest In Big Data Fresh From the Twitter Stream

Mr. Suster, miming wrapping his hands around Twitter's data stream.

GRP Partners’ Mark Suster announced yesterday that he and Roger Ehrenberg, at IA Ventures in New York, are co-leading a $6 million investment in DataSift, a London-based data platform for third-party developers, brands, and publishers to capture real-time data. Although based out in L.A., TechStars just named Mr. Suster as a mentor for its new New York class. Mr. Suster has certainly made no bones of tweeting his pom-poms at local start-ups. Mr. Ehrenberg, on the other hand, has had his heart set on data mining. “As a former hedge fund guy, Roger immediately saw the value in helping companies better sift through the masses of data; often to gain better insights into financial information,” writes Mr. Suster on Both Sides of the Table.

News of the funding came just as Twitter announced that it hit the one-million-mark for registered apps, which the company says is “fueling a spike in ecosystem growth” in areas like analytics. Indeed, Mr. Suster described his investment in DataSift as “doubling down on the Twitter ecosystem.” Although DataSift provides multiple live data feeds from sources like Facebook and LinkedIn as well, Mr. Suster says Twitter is by far the most dominant source of “the real-time publicly available data that exists on the Internet today.” Twitter has granted DataSift “re-syndication rights,” which means DataSift has access to the electronic fire hose of data that is Twitter and can sell subsets of the stream to interested parties.

According to PaidContent, Twitter has only granted those rights to one other company, but DataSift “might be one of the only ones making money off it.” You may recognize DataSift from the green “Retweet” button you see on third-party sites and Tweetmeme.

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