Business intelligence and database analytics startup, RJMetrics has secured $16.5 million in Series B funding. The round was led by August Capital, with participation from existing investors Trinity Ventures and SoftTech. Eric Carlborg from August Capital will join the ranks of RJMetrics board of directors.
RJMetrics co-founder and CEO Robert J. Moore told TechCrunch that the new-found funds would be spent on ‘continued product development and engineering, as well as marketing.’
“The universe of true ‘cloud BI’ providers that provide data consolidation, a hosted data warehouse, and a web-based frontend is extremely small and almost entirely focused on large enterprises,” Moore wrote to TechCrunch in an email. “RJMetrics can easily deal with enterprise-grade data sets, but we also have price points that make us accessible to the hundreds of thousands of businesses for whom BI used to be out of reach,” he said.
With a customer base of more than 300, the company first raised $6.5 million in May 2013. The new funding round brings the total investment to $22 million. Moore was careful to add that the company will now concentrate on market opportunity and the quality of his team which has 80 employees in total and a sales team of 17. The new money will also aid hiring across all departments.
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(Image Credit: Jer Thorp)