Numerify Raises $8M for Cloud BI
Long on ambition but short on detail, Numerify has set out to propel traditional business intelligence into the cloud analytics era. Founded by BI veterans from Oracle, Microsoft, IBM, MicroStrategy and Hyperion, the stealth startup is developing a solution that integrates data from on- and off-premise information silos to help organizations “rapidly deliver the meaningful numbers necessary to successfully chart the course of their businesses.”
Further advancing this vision, the company announced today that it has raised $8 million in an oversubscribed Series A funding round led by Lightspeed Venture Partners. ServiceNow CEO Frank Slootman, Google Enterprise president Amit Singh and Abhay Parasnis, the former head of Oracle Public Cloud, also participated along with several other industry luminaries.
Numerify says that the capital will be used accelerate the development of its product, which is set to hit general availability in early 2014. Gaurav Rewari, the co-founder and chief executive officer of the firm, stated that:
“At Numerify, we believe that a large part of the burden of this new data integration and analytics challenge can be shifted from man to machine. Further, we believe that the SaaS business user can, and should drive the scope of ‘numerification,’ i.e. what data assets get assembled for analysis when and how. Numerify will disrupt the economics of such analytic solutions and dramatically improve their ROI.”
In September, C9 raised $12 million in Series D funding to improve its cloud-based revenue analytics service. The platform ingests real-time and historical financial data to provide “actionable recommendations” that enterprises can use to drive efficiencies on a departmental basis.
The company announced the round in conjunction with two new solutions and the appointment of Michael Howard as CEO. The executive previously served as the head of marketing at Greenplum and the vice president of data warehousing at Oracle.
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