Israeli BI co Pyramid Analytics raises $30m

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Government agencies and Fortune 500 companies use the company's business intelligence platform to analyze data.

Israeli business intelligence platform developer Pyramid Analytics has closed a $30 million financing round led by Viola Private Equity, and including a second-time investment from Sequoia Capital. The round will be used to expand Pyramid Analytics workforce, deepen strategic alliances with partners, advance its channel ecosystem efforts, and enhance market penetration in key segments. The company raised $6 million in 2013.

Headquartered in Seattle, the company's development offices are in Ramat Gan. Pyramid analytics also has offices in the UK and Netherlands.

The Series B financing round comes as the company is consolidating its position as a key player in the expanding BI sector. Pyramid Analytics' customer base has tripled every year for the past three years, reaching over 350,000 users earlier in the year, and that number continues to grow. Organizations using the companys BI office platform to analyze, monitor and report data include large government agencies like the US Department of Veterans Affairs and many Fortune 500 enterprises including Siemens, EMC, HP and others.

Pyramid Analytics cofounder and CEO Omri Kohl said, The continued investment in Pyramid Analytics further validates that we are filling a large gap in the BI market by offering governed data discovery for larger enterprise BI deployments. This funding allows us to expand and take advantage of growing momentum and interest in our platform. Proven customer confidence, credibility among analysts and our high user growth-rate demonstrate that organizations view Pyramid Analytics as the enterprise-ready BI solution of choice.

The company is taking advantage of a growing demand for scaling data discovery across the enterprise by delivering a self-service BI that harmonizes the diverse needs of business users, analysts, IT professionals, BI departments and the C-suite. Companies are recognizing the need of end users to make data-driven decisions with the agility required to produce tangible business gains without undermining the organizational framework.

Pyramid Analytics platform provides a robust governed data discovery platform that is compelling for all users. Its Cloud based BI Platform architecture enables self-service data analysis and visualization for end-users, allowing them to quickly share insights throughout the enterprise, while preserving data governance and security scaling and performance.

Viola Private Equity general partner and founder Harel Beit On said,Pyramid Analytics solution introduces real innovation to a wide and continuously growing market, led by a global management team with impressive BI experience. Leading analysts consider the company a groundbreaker in enterprise BI and it works with over numerous Top Fortune 1000 companies."

Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2015

Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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