SEATTLE, NEW YORK & JERUSALEM--(BUSINESS WIRE)--Pyramid Analytics, the next-generation business intelligence (BI) platform for the enterprise, today announced that it has closed a funding round of $25 million, led by Jerusalem Venture Partners (JVP), to fuel Pyramid Analytics’ growth. Participation in this round also included existing investors Sequoia Capital, Viola Growth, and Maor Investments. The round will be used to expand Pyramid Analytics’ global footprint, deepen strategic alliances with partners, and assume a leadership position in the market. The investment confirms the value of Pyramid’s leading enterprise-grade, cross-department analytic platform, which is mission critical in times of crisis. Pyramid Analytics’ enterprise-grade platform can be deployed instantly across the organization to give organizations immediate visibility into their operational data to react quickly to dramatic business changes.
Erel Margalit, founder and chairman of JVP, said: “Investing in companies in the AI and BI domains is part of our strategy, and Pyramid Analytics is bringing breakthrough developments to these markets. Ten years ago, we were QlikTech’s leading investors and took it, along with its management team, to become a successful NASDAQ IPO, with annual sales of hundreds of millions of dollars and an overall valuation of $4bn. Our investment in Pyramid represents a continuation of the strategy to invest in companies that take the BI industry forward. Pyramid Analytics is enabling the world's largest companies to analyze information in a modular, smart, easy, and fast way. Pyramid delivers ease of use, similar to departmental tools like Qlik and Tableau, side by side with enterprise readiness, similar to SAP. The successful combination of groundbreaking technology and experienced entrepreneurs with a proven track record, denotes a great opportunity that we are proud to be a part of, and will lead to Pyramid Analytics becoming the next category leader.”
“We are thrilled to have JVP as an investment partner to help fuel Pyramid’s growth,” said Omri Kohl, co-founder and CEO, Pyramid Analytics. “JVP rightly sees the importance of enterprise-ready self-service BI, which can serve as a financial vaccine in uncertain economic times. Since Pyramid released its completely redesigned application in late 2017, we’ve acquired hundreds of new customers and developed an ever-growing list of strategic partners, resellers, and leaders in the data implementation market. While other BI companies have focused on developing market awareness, we’ve taken a product-first approach to our go-to-market strategy. Our strategy emphasizes true enterprise BI capabilities that are highly flexible and scalable. Now, with this funding, we’re ready to share our story. It’s an exciting time for Pyramid and our customers.”
This round of financing comes as Pyramid Analytics expands its position as an independent key player in a space that has seen major market consolidation. Today, Pyramid is the most feature-rich, enterprise-ready analytics platform on the market. Pyramid features complete self-service BI capabilities, including a robust end-user ETL, augmented data discovery and visualization capabilities, and presentations and report bursting. It allows users of all skill levels to quickly share insights from any browser or device—while preserving data governance and security. Pyramid allows organizations to leverage their existing data architecture on-premises, in the cloud, or across a hybrid environment.
“We believe the enterprise BI sector is ripe for disruption, once again. While we’ve seen successful add-on technologies—specifically around visualization, desktop tools, and the individual knowledge workers—the core of the enterprise BI sector has remained stagnant, monolithic, and antiquated,” said Yoav Tzruya, General Partner at JVP. “We’re impressed by Pyramid’s achievements over the last few years—customer wins, sales cycle, partner engagement, and growth. We are thoroughly excited to build the next category leader.”
In 2019, Pyramid focused on augmented analytics, product flexibility, and ease of deployment. In addition to ETL tool upgrades, Pyramid added integration capabilities for customers on SAP, including SAP BW. Through it all, Pyramid has focused on customer experience and ease of use so the platform can be used across the organization.
Pyramid Analytics achieved an “extraordinary” 68 number one placements and a further 108 leading positions in The BI Survey 19 from analyst firm BARC. Pyramid was named a top-ranked vendor in Dresner Advisory Services’ 2019 Technology Innovation Awards. Pyramid was also included on Gartner’s annual Magic Quadrant for Analytics and BI Platforms for the seventh straight year.
About Pyramid Analytics
Pyramid Analytics is a global leader offering a business intelligence and analytics platform that enables individuals—from power users to knowledge workers to decision makers—to transform their organization into a data-driven business. To learn more, visit www.pyramidanalytics.com, follow us on Twitter @PyramidAnalytic, and connect with us on LinkedIn.
Jerusalem Venture Partners (JVP), founded and led by Dr. Erel Margalit, is an internationally renowned venture capital fund. JVP has to date raised $1.4 billion across nine funds, and has been listed numerous times by Preqin, and other rankings, as one of the top-ten consistently performing VC firms worldwide. JVP has built over 140 companies, leveraging a broad network of partners and market expertise to help companies become global market leaders. JVP was recently chosen by New York City and EDC to lead the cyber security cyber hub in NYC. Among the pioneering firms of the Israeli venture capital industry, JVP has been instrumental in building some of the largest companies out of Israel, facilitating 12 Initial Public Offerings on NASDAQ, including CyberArk Software (NASDAQ: CYBR, $4.7 billion mkt. cap.), QLIK Technologies (NASDAQ: QLIK, then $4 billion mkt. cap.), and Cogent Communications (NASDAQ: CCOI, $3 billion mkt. cap.) and more.