Israeli business intelligence (BI) platform Pyramid Analytics today announced that it has closed a $25 million financing round led by Jerusalem Venture Partners (JVP) and with the participation of existing investors Sequoia Capital, Viola Growth, and Maor Investments. The company has raised $77 million to date including a $30 million financing round in 2015.
The round will be used to expand Pyramid Analytics’ global footprint, deepen strategic alliances with partners, and assume a leadership position in the market. The investment confirms the value of Pyramid’s leading enterprise-grade, cross-department analytic platform, which is mission critical in times of crisis. Pyramid Analytics’ enterprise-grade platform can be deployed instantly across the organization to give organizations immediate visibility into their operational data to react quickly to dramatic business changes.
The company was founded in 2009 by CEO Omri Kohl, CTO Avi Perez and EVP business development Herbert Ochman. Pyramid Analytics has 150 employees worldwide including 70 in its Israel development center.
JVP founder and chairman Erel Margalit said, "Investing in companies in the AI and BI domains is part of our strategy, and Pyramid Analytics is bringing breakthrough developments to these markets. Ten years ago, we were QlikTech’s leading investors and took it, along with its management team, to become a successful Nasdaq IPO, with annual sales of hundreds of millions of dollars and an overall valuation of $4bn. Our investment in Pyramid represents a continuation of the strategy to invest in companies that take the BI industry forward. Pyramid Analytics is enabling the world's largest companies to analyze information in a modular, smart, easy and fast way. Pyramid delivers ease of use, similar to departmental tools like Qlik and Tableau, side by side with enterprise readiness, similar to SAP. The successful combination of groundbreaking technology and experienced entrepreneurs with proven track record, denotes a great opportunity that we are proud to be a part of, and lead to become the next category leader."
Pyramid Analytics cofounder and CEO Omri Kohl said, "We are thrilled to have JVP as an investment partner to help fuel Pyramid’s growth. JVP rightly sees the importance of enterprise-ready self-service BI, which can serve as a financial vaccine in uncertain economic times. Since Pyramid released its completely redesigned application in late 2017, we’ve acquired hundreds of new customers and developed an ever-growing list of strategic partners, resellers, and leaders in the data implementation market. While other BI companies have focused on developing market awareness, we’ve taken a product-first approach to our go-to-market strategy. Our strategy emphasizes true enterprise BI capabilities that are highly flexible and scalable. Now, with this funding, we’re ready to share our story. It’s an exciting time for Pyramid and our customers."
In 2019, Pyramid focused on augmented analytics, product flexibility, and ease of deployment. In addition to an already-powerful ETL tool, Pyramid added native integration capabilities for customers on SAP, including SAP BW. Through it all, Pyramid has focused on customer experience and ease of use so the platform can be used across the organization by all types of professionals.
In 2017, the company launched the renewed platform with the inclusion of machine learning technologies and interface capability for both databases and legacy systems. The company has since seen rapid growth in the number of its customers. During the same period, the company switched from a licensing model to a software as a service (SaaS) model. It was reported that Microsoft, EMC, HP, banks, insurance companies, and other were among the company's customers. The company is not currently disclosing its customers, but its announcement stated that it had recruited hundreds of business customers for its platform in the past two years.
"We believe the enterprise BI sector is ripe for disruption, once again. While we’ve seen successful add-on technologies - specifically around visualization, desktop tools, and the individual knowledge-workers-the core of the enterprise BI sector has remained stagnant, monolithic, and antiquated," said Yoav Tzruya, General Partner at JVP. "We’re impressed by Pyramid’s achievements over the last few years-customer wins, sales cycle, partner engagement, and growth. We are thoroughly excited to build the next category leader."
"This is a startup with deep technology with many years of development behind it, and they are a very technologically strong player. They have multimillion-dollar contracts with very large enterprises having tens and hundreds of thousands of employees, who enter the system every day," says Natalie Refuah, who led the investment in the company by Viola Growth. "I estimate the BI market for companies at $27 billion, so it is so important to be able to enter a system with advanced technology like this that provides a complete solution for enterprise players. There aren't many companies able to provide a solution on this level."
Published by Globes, Israel business news - en.globes.co.il - on March 26, 2020
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