Alteryx scores a massive $85M to establish data blending dominance
The venture capital community’s appetite for analytics shows no sign of diminishing. Less than a week after chucking $37.5 million at a promising provider of cloud-based business intelligence for CIOs, investors are pouring more than double that into the coffers of Alteryx Inc. to help grow the adoption of its namesake data processing software.
The five-year-old startup has already been doing a stellar job of that so far, most recently striking a deal to bring its self-service analytics capabilities to Microsoft’s public cloud as part of a partnership meant to provide users with more options in how they prepare their data for analysis. Alteryx caught Redmond’s attention for the same reasons that attracted its over 130 other partners and more than 1,000 customers.
The Alteryx Designer provides a visual environment for ingesting data that reduces the complex transformations required to extract usable information out of raw signals into graphical representations that can be selectively placed at different parts of the execution path and customized through the interface. Analysts are then able to publish the finished metrics and workflows to an integrated catalog that allows users to download content on-demand.
Alteryx claims that its software’s ease-of-use can shave weeks off a data blending project, giving decision-makers faster access to insights while freeing up analysts to move onto the next task. The new $85 million in funding will help the company enhance that value proposition even further to set itself apart from all the other providers promising to deliver the same benefits.
The round was led by Iconiq Capital, which boasts several Silicon Valley billionaires including Mark Zuckerberg among its backers, and Insight Venture Partners. Meritech Capital Partners chipped in as well, bumping Alteryx’s total raised past the $160 million mark.
Image by Geralt via Pixabay cc
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