In an October 20 press release, Pyramid Analytics announced a $30 million dollar Series B growth equity funding round, led by Viola Private Equity, and including second-time investment from Sequoia Capital. The company plans to use the funds to expand their workforce, deepen strategic alliances with business partners, advance its channel ecosystem, and enhance market penetration.
Pyramid Analytics has grown into major player in the enterprise Business Intelligence market, and it’s customer base has tripled in each of the last three years. The company reached over 350,000 users early in 2015, with that number growing each and every day. Organizations using the vendor’s BI Office Platform to analyze, monitor and report data include government agencies and a slew of Fortune 500 enterprises including HP, EMC, and others.
Omari Kohl, co-founder and CEO of Pyramid Analytics explains: “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.”
This 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 some of the biggest research firms in enterprise IT, including Gartner, BARC and Dresner have constantly shown rapid advancement for Pyramid Analytics in customer service, technical capability, and competitive positioning. Previously, Pyramid Analytics completed a Series A funding round for $11.5 million with Sequoia Capital in March of 2013.