Numerify Raises $37.5M in Latest Funding Round
Venture capital continues to flow to data analytics and enterprise IT vendors. For example, the latest funding round for cloud-based business intelligence startup Numerify Inc. raked in $37.5 million from existing investors and a pair of new Silicon Valley funders.
Numerify (NUMERP) said Thursday (Oct. 22) the Series C funding round raised its total venture funding to more than $60 million. The new funds will be used to expand its analytics product portfolio “across new areas of IT business operations” as well as for expansion in the North American and European markets.
The funding round was led by Tenaya Capital, which was joined by existing investors Sequoia Capital and Lightspeed Venture Partners. New investors included Silicon Valley Bank and San Francisco-based Four Rivers Group. Tom Banahan, managing director of Tenaya Capital, will join Numerify’s board.
Numerify also said it would continue to focus on the business analytics market that is expected to top $125 billion globally by the end of this year. The company’s cloud-based analytic applications combine metrics, reports, dashboards and an analytical data model that targets a range of IT business operations, according to Gaurav Rewari, CEO and founder of Numerify.
The cloud-based analytic applications are designed to span the functional areas of IT organizations, including services, assets, project management and finance.
The cloud-based analytics company based in Cupertino, Calif., emerged from stealth mode in October 2013 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 (NASDAQ: NFLX), Intuit (NASDAQ: INTU), Weill Cornell Medical and Aruba Networks (NASDAQ:ARUN).
It also is targeting the shift to running expensive IT operations as a business unit. Numerify’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. The platform essentially produces data on IT operations for analysis so clients can focus on squeezing efficiencies from their infrastructure.
Rewari told Datanami shortly after it emerged from stealth mode that the startup’s goal was to make cloud-based business intelligence as simple to use as operational systems like Salesforce.com. In order to achieve this, Rewari said Numerify seeks to simplify the data integration process while eliminating as much hand-coding and professional services as possible.
Meanwhile, the company also announced the appointment of former IBM manager Shekhar Rajvanshy as a vice president of engineering. Rajvanshy is the former head of development for IBM’s big data cloud platform.
In announcing its latest funding round, Numerify also said it has doubled its U.S. employee headcount, including more than 100 employees on its engineering, sales and marketing teams.