Israeli business analytics company Pyramid Analytics announced today that it has closed a $120 million Series E financing round, bringing the total amount raised by the company to $211 million. The round was led by H.I.G. Growth Partners, with the participation of Clal Insurance Enterprises Holdings, Kingfisher Capital, and General Oriental Investments and early investors JVP, Maor Investments, Sequoia Capital, and Viola Growth.
The latest funds will be used to further develop the company's product in the fast-emerging decision intelligence market, which will accelerate data-driven transformation. Pyramid Analytics stresses that there is more data available for analytics than ever before, more people are interested in making decisions with data and more sophisticated analytics are in demand.
The Pyramid Decision Intelligence Platform delivers data-driven insights for faster, more intelligent decisions, by providing instant access to any data, enabling a strategic, organization-wide approach to business intelligence and analytics.
The company was founded 13 years ago by CEO Omri Kohl, CTO Avi Peretz and EVP business development Herbert Ochtman.
Kohl said, "Overwhelming interest from the venture capital community underscores the importance of the problems we help our customers solve and the innovations we introduced to help enterprises in ways BI tools and legacy analytics could not. This milestone is a testament to the intellect and hard work of our employees across the globe, commitment of our partners, and trust and advocacy of our customers. All elements are in place to speed Pyramid down the path to being the next enterprise analytics leader."
Pyramid Analytics had revenue of $50 million in 2021 and sees revenue of $90 million this year. The company has 250 employees including 80 in its Israel development center. Over the next year, Pyramid Analytics plans hiring 150 morer people including 60 in Israel. Kohl told "Globes," "In a period when most companies are re-examining their business plans and budgets, we are growing. We will continue to grow and remain an independent company until our IPO."
The company plans to hold its IPO on Wall Street in 2024.
Published by Globes, Israel business news - en.globes.co.il - on May 9, 2022.
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