Adaptive Insights Raises $75M
Adaptive Insights, the cloud services and business intelligence startup, said this week it has secured $75 million in its latest funding round.
The startup announced on Tuesday (June 30) it would use the latest cash infusion to accelerate its product roadmap along with expanding its global operations. Adaptive Insights claims 2,700 customers in 85 countries—three times greater than the customer base of other cloud corporate performance management (CPM) vendors. The startup delivers cloud-based CPM and business intelligence tools via a software-as-a-service platform.
Adaptive Insights (Palo Alto, Calif.) sells cloud-based services to financial services and management teams who used it to model company performance or to analyze business intelligence. The company said it targets both Excel users as well as customers using on-premise tools.
Current customers include giants like American Family Insurance, BlueCross/BlueShield, Coca-Cola, LinkedIn, Siemens and Toyota along with Hortonworks, Palantir Technologies and Zendesk.
Adaptive Insights said new investor JMI Equity joined its latest funding round along with existing investors Norwest Venture Partners, ONSET Ventures, Bessemer Venture Partners, Cardinal Venture Capital, Monitor Ventures and Information Venture Partners. Peter Arrowsmith, general partner at JMI Equity, will join Adaptive Insights as a “board observer,” the startup said.
The $75 million Series G funding round raises its venture-funding total to $176 million. The company was founded in 2003.
Adaptive Insights boasts that it “invented the cloud CPM market.” The company’s flagship product, Adaptive Suite, is promoted as unifying business intelligence with CPM on a cloud platform. It is touted as combining analytics and reporting applications along with business planning and consolidation. An adaptive planning tool provides an “Excel-like” interface designed for applications like forecasting revenue and expenses.
The company’s “Discovery” tool is a cloud-based dashboard and visualization product designed to perform “what-if” data analysis. It can also interact with more advanced data analytics tools, the company said.
Its Adaptive Revenue tool is targeted at sales, finance, and service executives on a unified cloud CPM and business intelligence platform.
CEO Tom Bogan heads Adaptive Insights (formerly Adaptive Planning). Bogan also serves as board chairman at Citrix Systems.
Chief financial officers “are increasingly taking center stage in the strategy and direction of their organizations and looking for the right technology to provide real-time data and powerful insights to gain a 360-degree view of their business,” Bogan noted in a statement.
Maurizio Gianola, the startup’s senior vice president for engineering, previously held executive engineering management posts at MySQL, PeopleSoft and other software companies.
Adaptive Insights claimed it is growing by more than 50 percent annually in terms of revenue and bookings. Much of its expansion has been international business, which jumped 75 percent year-on-year in the first quarter of 2015.