Pyramid Analytics, the BI firm that counts Siemens, VW Ireland and Dell among its customers, secured $120 million in Series E funding.
Founded in 2009, the company has now secured a total of $200 million in venture capital, with the latest round led by HIG Growth Partners, with participation from Clal Insurance Enterprises Holdings, Kingfisher Capital and General Oriental Investments. Sequoia Capital and Viola Growth are among the investors from previous rounds.
The company sells something it calls “Decision Intelligence.” He says applying artificial intelligence to analytics lowers the skill barrier and automates the complex steps needed to make decisions with data.
Omri Kohl, CEO and Co-Founder, said, “The overwhelming interest from the venture capital community underscores the importance of the problems we help our clients solve and the innovations we have introduced to help businesses grow. a way that legacy BI tools and analytics couldn’t.”
Pyramid aims to provide a single platform for users to connect analytics tools to data sources. It then proposes an AI-based no-code approach to data modeling. Analytics, explainability, and collaboration are also supported in the platform. And it gives users the ability to act on decisions through alerts, conversations, and workflows.
In its latest v2020.10, users can create custom reports, reduce unnecessary visual noise, and view date-time data without having to configure filters. It also offers a Present Lite mode, touted as making it easier for users to create presentations and dashboards in an intuitive, clutter-free environment. However, on a technical level, it offers a comprehensive audit log that shows who is creating what.
Gartner said Pyramid’s business intelligence platform “also performed well in all four use cases” evaluated, including augmented analytics; business analysis; general analysis; self-service visual analysis.
Although business intelligence is still in its infancy, it has the potential to dramatically increase the levels of data-driven decision-making in an organization, said Krishna Roy, senior research analyst at 451 Research, which does part of S&P Global Market Intelligence.
Investing in these technologies had the potential to increase sales, improve business agility and improve customer service, he said. “Business intelligence platforms are likely to play a key role in enabling organizations to realize these benefits.”
Last year, 451 Research found that nearly a third (32%) of companies have yet to fully embrace a data-driven approach to strategic decision-making. A significant number of organizations are not reaping the benefits of using data as a decision-making tool, he said, while 90% of respondents said data would be more important to their organization in 2022 .
The researcher also noted Pyramid’s scalability: deployments of 800 to 1,000 users are typical, and customers often use the system to query 100 billion rows of data.
But Pyramid isn’t the only business intelligence company hoping to turn analytics into action. Last year, Qlik, the visualization specialist, announced Application Automation with a no-code user interface (UI); Native Qlik Cloud integration – using APIs to automate analytics and dynamic automation triggers – automating actions based on current conditions in analytics. ®