In a major impetus to its Global outreach and Intuitive Analytics Platform development strategy, data blending outfit Alteryx has procured $60 million in a Series B round.
The round was led by Insight Venture Partners and saw participation from existing investors, SAP Ventures and Toba Capital. With over 200 percent growth in its customer base, last year, the investment will find use, in expansion to meet its widening global demand, broadening its expanding partner channel, as well as deliver “product innovations to line-of-business data analysts” in marketing, sales, customer service and finance roles, reports their press release. Their total funding to date has now gone up to $78 million.
“Empowering analysts to use all the data available to them, while also making it easy for data analysts to produce advanced analytics is enabling Alteryx to expand its total addressable market through increased user adoption and greater demand for its product,” explained Jeff Horing, co-founder and managing partner at Insight Venture Partners, regarding the investment. “Alteryx is the category leader in its market and among the top decile SaaS companies that I’ve seen in terms of growth and core business metrics.”
Alteryx provides analysts with a single workflow for data blending, analytics, and reporting allowing seamless blending of internal, third party and cloud-based data, and simple analysis using 60+ prebuilt tools for spatial and predictive analytics. With a drag-and-drop environment that requires no coding or specialists, the Alteryx workflow claims to be intuitive enough make users “productive in hours.”
Alteryx president and COO George Mathew enunciates, “As you are seeing this market emerge, it’s not about central IT, but about how end users are enabled and empowered. We stand for that and are focused on key capabilities and experiences.” Alteryx works with other Business Intelligence outfits as a layer on top of existing tools he explains.
Alteryx has a current customer base of over 600 organizations across industries spread in over 20 countries, including large enterprise accounts to mid-market organizations like Verizon, Boston Consulting Group, Ingersoll Rand, and Sudhoff Properties. Alteryx has also been setting up partnerships with firms Qlik Technologies, DataSift, and Slalom Consulting to complement existing partnerships with Tableau and Cloudera.
Its first overseas office in London launched early in April has broadened its international channel partner program with partners in 40 countries, Alteryx claims.
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(Image source: Alteryx)