KNIME announced recently that they’ve secured €20M in Series A funding from equity investor Invus. Based in Sweden, KNIME offers a free, open-source, desktop-based Advanced Analytics platform, and customers of their tool rave about the platform’s flexibility, openness and ease of integration with other existing solutions. This is the company’s first round of investment funding.
The solution provider currently touts users in large-scale enterprise corporations in more than 50 countries across the globe in industries including life sciences, financial services, retail, manufacturing, government, and consulting. The vendor’s core practice is opening up platforms that were previously exclusive to speed up innovation in analytics. This includes processes, tools, organizational boundaries and sourcing.
KNIME offers a range of products in their portfolio, with the most notable being their analytics and cloud analytics platforms. Additionally, they offer collaboration and performance extensions, and personal productivity capabilities.
CEO Michael Berthold issued a statement on the big news, adding: “We’re excited to have an investor that truly understands open source and recognizes the potential for expanding across the enterprise. Even though KNIME was already profitable and is growing strongly, we see a huge window of opportunity for our open source strategy combined with our vision of bringing Guided Analytics to the large group of users who have not been able to benefit from using advanced analytics to date.
KNIME was named a market leader in Gartner’s most recent Magic Quadrant report for Advanced Analytics Platforms.