Devo raises $25M to help companies understand their data
It was a big week for Devo, a Boston-based data operations company. Not only did the startup undergo a major rebrand, changing its name from “Logtrust” to “Devo,” but it also raised a cool $25 million Series C funding. The round, which was led by Insight Venture Partners, will be used to invest in research and development, as well as to grow the company’s sales and marketing teams. In case you’re unfamiliar, Devo’s mission is to help organizations make better business decisions by leveraging its data operations platform, which offers analytics on streaming and historical data. [Built In Boston]
City Council passes strict rules on Airbnb rentals
Airbnb is getting reined in — by Boston’s City Council, which passed stringent new rules this week designed to stymie the short-term rental industry. Members voted 11-2 for a bill filed by Mayor Martin J. Walsh, which will ban renters and investors from renting apartments per night on websites like Airbnb. Walsh and other supporters of the law said the measure will help Boston’s pricey real estate market and curb investors from purchasing property to use as “de facto hotels.” Critics, including Airbnb and short-term rental hosts, say the law will hurt middle-class residents who use their rental properties to pay the bills. [The Boston Globe]
Medidata to acquire SHYFT Analytics for $195M
This week, Medidata announced that it would be acquiring SHYFT Analytics to the tune of $195 million. Medidata’s software helps clinical researchers reduce trial cycle times and get access to to reliable clinical data, while SHYFT offers a cloud data analytics platform for the pharmaceutical and biotech industries. Together, the companies hope to offer market-leading data science capabilities to major pharma, biotech and medical device companies across the country, helping clients reduce risk and optimize revenue for better patient outcomes. The deal is expected to close in the second quarter of 2018, subject to customary closing conditions. [Press Release]
CyberSaint secures $3M in growth financing
If the dramatic uptick in cyber attacks hasn’t convinced you that the world’s industries need more cybersecurity, perhaps investor dollars will sway you. CyberSaint, a Boston-based cybersecurity startup, raised $3 million in growth financing this week, led by Audeo Capital and Blue IO. CyberSaint offers a comprehensive cybersecurity platform that helps companies with compliance and risk management. The company said the funding will be used to grow its sales team and fuel innovation. [Press Release]
