BI Startup Numerify Raises Another $15M
Cloud business intelligence startup Numerify said Sept. 24 it has raised an additional $15 million in an oversubscribed Series B funding round led by Sequoia Capital. Numerify said it has so far raised more than $23 million in two funding rounds.
The cloud-based analytics company based in Cupertino, Calif., emerged from stealth mode in April with the launch of a business analytics platform designed to improve IT operations by scanning IT service records and asset data. The startup claims to be working with more than a dozen enterprise clients, including Netflix, University of San Francisco and chipmaker Spansion.
Series A funding round leader Lightspeed Venture Partners also participated in the latest round along with Google and LinkedIn executives. Numerify also said Doug Leone, a Sequoia Capital partner, would join its board of directors.
Numerify is targeting the trend toward running expensive IT operations as a business unit. It’s IT business analytics platform is intended to help manage the cost and quality of IT services while tracking IT assets through each stage of production. Numerify essentially produces data on IT operations for analysis so clients can focus on squeezing efficiencies from their instructure.
Since emerging from stealth mode, Numerify has made “rapid progress toward their highly focused vision of providing rich, pre-built analytical applications in the cloud,” Bipul Sinha of Lightspeed Venture Partners said in a statement.
Numerify’s pitch to investors is that it can help client avoid spending millions of dollars developing their own analytics platform that requires integrating historical data from different IT, financial and human resources datasets. The startup’s platform also is promoted as eliminating the need for expensive data warehousing and various BI tools.
The startup cited estimates by market watcher Gartner forecasting that global IT spending will reach $2.1 trillion by the end of 2014. That total includes devices, datacenters, enterprise software and IT services. Hence, Numerify is offering a BI platform to help reduce spending by increasing efficiencies.
Numerify founder and CEO Guarav Rewari told Datanami last year that the startup’s goal was to make cloud-based BI as simple to use as cloud-based operational systems like Salesforce.com. In order to achieve this, Rewari said Numerify would simplify the data integration process while eliminating as much hand-coding and professional services as possible.
“The data integration challenge has just gotten a lot trickier because the islands of data are not just in the on-premise world,” Rewari said. “With cloud applications, you don’t see the database underneath. What you get is access to their APIs. There’s a plethora of such APIs, and they’re at different levels of maturity. They have different standards when it comes to how often you can pull data out of the source, what’s the byte size, and different protocols associated with it.
“And so all of those need to be addressed before you can build a system that reliably extracts data from these cloud sources and puts it in one central store,” he explained.