Sisense has revealed that it has secured $50m (£34.2m) in funding from Bessemer Venture Partners (BVP). The investment will allow the business intelligence (BI) firms to accelerate growth and expansion across Europe and comes at a time when Sisense is bringing major change to the BI market.
Sisense has bulldozed its way into the BI market, producing software that greatly simplifies traditional data analysis techniques with its In-Chip. As the company looks to boost growth across the world, it revealed that a Series D funding round had closed with an additional $50m. The large investment is not surprising considering Sisense has managed to grow revenue by 100% for five consecutive years. In Europe, the BI firm has already managed to attract more than 200 customers. This has largely come about because the company has created market-disrupting BI that has led to record results for all of Sisense’s key operational areas.
Bob Goodman, partner at BVP, revealed that in their research of the BI market, Sisense had come up repeatedly as an innovator and a firm that was bringing major change to the sector, including making it significantly easier for business analytics to be used by small- and medium-sized enterprises (SMEs) in addition to corporate business users. “We were impressed by how distinctive the technology is. Multiple Bessemer portfolio companies chose Sisense for their own business analytics because of the agility it provides business users to quickly analyse large, disparate data sets. We expect Sisense’s momentum to accelerate and believe the company will capture a sizable chunk of the $33bn global big data and business analytics opportunity,” Mr Goodman explained.
Meanwhile, Amid Orad, chief executive at Sisense, explained that the firm is being sought out because it has found a cost-effective way of putting data in front of business decision makers quickly and efficiently. With the latest investment, Sisense will be able to expand operations even more quickly to bring its innovative BI analytics to even more users.
Peter Krensky, a business intelligence research analyst for the Aberdeen Group, explained: “Users want to engage, but they are easily overwhelmed by their vast data; the typical analyst touches 30 unique data sources on a regular basis. Users can really struggle to access large data volumes and analyse all the available data... Best in class companies, in the top 20% in revenue and operating profit improvement, grow their explorable data three times faster and have the tools to handle this data complexity.”
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