The business intelligence industry is expected to keep growing. Pyramid’s latest round indicates major investor confidence
It looks like big data and business intelligence are big business this year.
Israeli Pyramid Analytics announced a $30 million Series B funding round on Tuesday. Viola Private Equity led the round and its founder and general partner Harel Beit-On will join Pyramid’s board. Sequoia Capital, who led their $11.5 million Series A round in 2013, also participated in the Series B, bringing the company’s total funding to date to $41.5 million. The new financing will allow them to expand their operations in every department, particularly by adding another 30 staff to their R&D center in Tel Aviv’s sister city of Ramat Gan.
The company builds and manages business intelligence (BI) software and specializes in processing large scale information. Their staple product is the BI Office Suite based on their patented technology for database queries (they have the patent numbers to prove it). Their solution’s clean display, wide array of web-based tools and elimination of the need to write any new code makes it an attractive product in a growing market.
The business intelligence market is expected to grow 8.3% per year to a value of $20.8 billion in 2018 according to an industry analysis by MarketsandMarkets published earlier this year.
The company has been making headway in terms of partnerships and recognition. They signed a cooperation agreement with Microsoft earlier this year and were recently named among the top 15 BI companies by the industrial research company Business Application Research Center (BARC). Besides Microsoft, they count major technology companies like HP and EMC among their clientele across several industries.
CEO Omri Kohl, CTO Avi Perez and EVP of Business Development Herbert Ochtman founded Pyramid Analytics in 2009. They currently have 100 employees with 70 at their R&D center in Israel. The rest of the team works out of their international headquarters in the Netherlands and their sales and marketing offices in the U.S. and UK.
While Pyramid is more geared towards enterprise applications of business intelligence, it does have some serious competition from a fellow Israeli business intelligence startup: Sisense. They have raised a similar amount of funding, $44 million in total and a $30 million Series C round, and claim they can help companies find “aha!” moments where they discover implications from their business’s data that they would not have come to otherwise. While Sisense’s mission is a bit sexier than Pyramid Analytics, the fact that Pyramid is integrated with Microsoft solutions may give Pyramid an edge for convenience.
What is clear is that if both companies could raise $30 million rounds in the last 20 months, the BI market is certainly growing.
Laura Rosbrow-Telem contributed reporting.