Just over a year ago, executive chairman Gayle Sheppard took over as CEO of privately held Saffron Technology. Now she has $5 million in new capital to help grow the big data analytics firm.
Saffron has closed on $5 million in new equity financing from two investors, the company disclosed in a securities filing on Tuesday.
The firm hopes to raise another $2 million, the document shows.
Sheppard, a veteran executive at PeopleSoft, takes over as chief executive officer from Manny Aparicio, a co-founder of the firm.
Aparicio remained with the company with the title of Chief Memory Maker.
In 2012, Saffron’s data mining enabled it to secure a patent for technology it claims can help predict future events. The patent covers a means of turning so-called “big data” – massive amounts of information gathered from a wide variety of not necessarily related sources – to forecast what might happen.
The patent is titled: “Event-Based Anticipation Systems, Methods and Computer Program Products for Associative Memories Wherein Times of Future Events Occurring Are Predicted.”
Sheppard had served as the board’s executive chair for the past four years.
Saffron launched in 1999.
