Pyramid Analytics Continues Strong Growth; Announces $30 Million Growth Equity Funding Round led by Viola PE
Funding Round Led by Viola Private Equity with Additional Investment by Sequoia Capital
SEATTLE, WA – October 15, 2015 – Pyramid Analytics, the next-generation business intelligence (BI) platform for the enterprise, today announced that it has completed an equity round of funding totaling $30 million, 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 second financing series comes as Pyramid Analytics is growing at an impressive rate, cementing the company’s position as a key player in the expanding BI space. Its customer base has tripled every year for the past three years. Pyramid Analytics reached over 350,000 users earlier in the year, and that number continues to grow. Organizations using the company’s BI Office platform to analyze, monitor and report data include large government agencies like the U.S. Department of Veterans Affairs and many Fortune 500 enterprises including Siemens, EMC, HP and others.
“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,” said Omri Kohl, co-founder and CEO, Pyramid Analytics. “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.
“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,” said Harel Beit On, general partner and founder, Viola Private Equity. “We are pleased to join forces with the company and Sequoia Venture Capital, and to take part in transforming it into a leader within its respective market.”
The announcement continues a banner year for Pyramid Analytics. In July the company announced a strategic collaboration with Microsoft that extended a long-term partnership that has successfully delivered analytics solutions to their joint customers. Reports from key analysts issued during the past year, including Gartner, BARC and Dresner, have consistently shown rapid advancement for Pyramid Analytics in customer satisfaction, technical capability and competitive positioning.
About Pyramid Analytics
Pyramid Analytics gives professionals what they need to analyze, monitor, and report data, so they gain prompt and undisputed insight about their business. Hundreds of thousands of users, in large public and private enterprises, rely on Pyramid Analytics to make and communicate sound decisions, convincingly.
The company’s flagship suite, BI Office, is a turnkey, enterprise analytics platform, with fast-performing integrated functionality, that makes it easy to self-serve and share trusted BI content. BI Office enables rapid connectivity of new data sources, on-the-fly data preparation, and interactive visualizations, through an intuitive and familiar interface.
Pyramid Analytics combines the simplicity and agility that business and IT users want, with the enterprise-class security and governance that organizations need. Pyramid Analytics’ clients successfully expand the reach of BI value and scale user adoption via governed collaboration and sharing of dashboards, reports, and advanced analytics – across departmental and company boundaries, to all types of user, on any device.
Pyramid Analytics’ talented teams are based in operational centers across the U.S. and EMEA. To learn more, visit PyramidAnalytics.com and follow us on Twitter at @PyramidAnalytic and follow us on LinkedIn.