Pyramid Analytics on Monday revealed that it secured $ 120 million in fund, more than doubling the seller ‘s sum venture capital finance to $ 211 million and setting it up for a electric potential initial public stock offer .

The fund round was led by H.I.G. Growth Partners, a ball-shaped investing firm with more than $ 48 billion of equity capital under management, and included the participation of Clal Insurance Enterprises Holdings, Kingfisher Capital, General Oriental Investments, JVP, Maor Investments, Sequoia Capital and Viola Growth.

As region of the fund agreement, Scott Hilleboe, co-head of H.I.G. Growth Partners, joins Pyramid ‘s board of directors .
The fund round was the one-fifth for the analytics seller — its Series E round — and marked a significant increase from Pyramid ‘s Series D round in February 2020 when it raised $ 25 million and its Series C round in December 2018 when it raised $ 13 million .
That increase, meanwhile, shows the capital markets ‘ recognition that Pyramid has made advancements over the past few years and its analytics platform is in line with what customers expect, according to Omri Kohl, Pyramid ‘s co-founder and CEO .
“ This fund round, first and foremost, is a accredit to the fact that we got there, ” he said. “ We got to a item where all the engines are firing. ”
Mike Leone, an analyst at Enterprise Strategy Group, said the jump in the value of Pyramid ‘s support is symbolic of the capital markets ‘ agreement that Pyramid ‘s focus on decisiveness intelligence meets the analytics needs of users .
“ There are respective function cases within BI, whether general analytics and coverage, ocular self-service, embedded analytics capabilities or augmented analytics, [ and ] Pyramid, through their decision intelligence platform, can provide a unite access to satisfying all of these use cases while setting organizations up for achiever in their bay for broader end-user adoption within the business, ” he said .
A sample Pyramid Analytics dashboard
A sample Pyramid Analytics dashboard displays an organization’s sales information.

Eyes on an IPO

Pyramid, founded in 2009 and based in Amsterdam — with offices in London ; New York City ; Seattle ; Boise, Idaho ; and Tel Aviv, Israel — offers an throughout analytics platform that enables what the seller terms decision intelligence .
While commercial enterprise news is the process of accumulating and analyzing data to inform decisions, decision news builds on BI by adding augment analytics capabilities and automatically delivering data and insights to users within their workflows .
In addition to its focus on decision intelligence, Pyramid is besides staunchly independent .
As some early vendors have been acquired as they ‘ve grown — for case, Looker by Google and Tableau by Salesforce, both in June 2019 — Kohl has repeatedly said that Pyramid wants to remain in see of its own fortune .
And the inflow of capital will enable Pyramid to do precisely that as it prepares for a electric potential IPO, according to Kohl .

[ The fund ] is a big argument behind saying that we ‘re staying freelancer. And it ‘s going to help us … build the company for an IPO. Omri Kohl Co-founder and CEO, Pyramid Analytics

“ [ The fund ] is a big statement behind saying that we ‘re staying independent, ” he said. “ And it ‘s going to help us … build the company for an IPO. We do n’t consider an IPO a extermination event. We consider it as repeating the statement that we need to and should stay an independent seller. ”
Regarding the timing of a electric potential IPO, Kohl added that nothing is at hand, and probationary plans are to take Pyramid public by 2025 and adenine early as late 2024 .
While the current volatile state of the stock marketplace, which has brought any potential IPOs to a deadlock, is one reason to wait, so excessively is Pyramid ‘s put .
Although the seller ‘s platform has received positive reviews from research and consulting firms such as Gartner, 451 inquiry and the Germany-based Business Application Research Center, Kohl wants Pyramid to establish a stronger customer base .
“ We look at customer borrowing, and the type of customer adoption we need to have in order to finally convince the populace market that we ‘re a viable, independent seller, ” Kohl said. “ We want to have a meaning customer portfolio that within the decision intelligence class that we ‘re carving out within the analytics outer space. ”

He added that there are key performance indicators and fiscal milestones Pyramid will need to reach before going populace, but those will basically be a mirror image of attracting customers that choose Pyramid as their sole analytics platform as more organizations standardize their throughout analytics operation with a single seller .
Kohl noted that organizations use single platforms for their CRM and ERP needs and predicted they will soon do the lapp for analytics rather than use different tools from different vendors for unlike analytics tasks .
“ We ‘re good for organizations that have [ employees with ] multiple skill levels around the table and everyone lacking to participate in analytics, ” he said. “ Organizations that have complex data and analytics requirements and want to scale their analytics feel [ to more users ] are the ones we serve best. ”

Growth plans

Pyramid will besides use the $ 120 million in support to spur growth .
specifically, the seller will use the money to invest in product development, seek to double the company ‘s size over the future two years from approximately 250 employees to around 500, and expand into new markets while strengthening its position in existing markets, according to Kohl .
“ We have a very extensive roadmap around continuing to build the infrastructure behind decisiveness news, ” he said .
In particular, Pyramid is adding machine learning capabilities that better enable customers to automate analytics processes .
Pyramid already has strong AI and machine learning capabilities that serve as a differentiator for the seller, and continuing to invest in augmented analytics will foster help Pyramid stand out against other vendors, according to Leone .
“ Their biggest differentiator is their augment analytics capabilities, ” he said. “ This is the top area driving BI modernization and expansion veracious now, and Pyramid is a drawing card here. With this fund, you can bet they will not be resting on their laurels here. ”
Pyramid is besides looking to cater to a wide-eyed array of occupation personas, Kohl said, adding that its chopine presently serves the needs of about two-thirds of potential analytics users, but by adding more automation it wants to enable more users .
“ The idea is to add more and more automation, ” he said. “ A fortune of people call it AI, but I think automation is the more appropriate way to describe it. It ‘s a way for people with no analytics backdrop to hush use twist tools to gain insights into their business. That ‘s the way to scale the analytics experience across the control panel. ”
interim, that focus on automation has the potential to improve Pyramid ‘s customer have, according to Leone .
“ Pyramid has constantly been about empowering anyone, from the C-level to generalists looking to bring data to every decisiveness, ” he said. “ The focus on customer experience will go a long way in ensuring they deliver on their authorization value proposition. ”
With obedience to geographic expansion, Kohl said Pyramid ‘s Series E fund will enable the seller to move into the Asia-Pacific region while building upon its existing presence in Europe and adding new partners .

Acquisition potential

Beyond what the $ 120 million will enable Pyramid to add to its analytics platform and the increase it expects to spur, it could besides enable the seller to add capabilities and expert personnel through acquisitions .
Sisense, another mugwump analytics seller, was in a alike position after raising $ 80 million in late 2018 to bring its sum fund to about $ 175 million ( it has since raised another $ 100 million ), and in May 2019 added data science capabilities with the acquisition of Periscope Data .
Pyramid has no particular plans to make an skill, according to Kohl. But he acknowledged that if the right opportunity presented itself, the seller is in position to make a move .
“ In our current plans, we feel we have the R & D capacity to execute our roadmap, ” Kohl said. “ however, never say never. There are lots of amazing technologies out there that if they could shorten our time-to-market, it would make feel. ”

He added that should Pyramid want to undertake a special project — such as an acquisition — it has agreements with its existing investors to draw more capital .
“ If there were an opportunity with something that would help accelerate [ our design ], we have the means and the resources to do it, ” Kohl said .
Enterprise Strategy Group is a division of TechTarget .

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