Cloud software developer and provider Socrata has finished its Series B round with $18 million worth of funds. The investment was led by Open View Venture Partners. Frazier Technology Partners, Morgenthaler Ventures, and other existing investors participated in the round.
As part of the deal, Open View Venture Partners' founder and senior managing director Scott Maxwell will join the board of directors of Socrata.
Socrata is the only SaaS (software as a service) company in the world to exclusively target enabling governments to open and commercialize their unused data in legacy database silos. The company said that this untapped resource is a 21st century goldmine, which provides beneficial information to the citizens, government employees, developers, and businesses.
Socrata's chief executive officer and founder Kevin Merritt said, "We discovered that the innovative approaches we pioneered in open data are a catalyst for a much more sweeping shift toward the data-driven government. Socrata is leading this shift by institutionalizing the data-fueled innovation process that puts quality of life information in citizens' hands, and empowers government leaders to improve performance and decision-making with newfound facts and insights."
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