REDWOOD CITY, CA, Interana, the leader in behavioral analytics for the digital economy, today announced that it raised $18 million in an oversubscribed funding round led by Vertex Ventures.
The round also included participation from Battery Ventures, Data Collective, Allen Company, Fuel Capital and Index Ventures. The new investment brings Interana's total funds raised to $46.2 million and will be used to support the company's next phase of growth, expand its customer base -- which currently includes digital leaders like Bing, Tinder, Reddit, Asana and Azure -- and advance product development.
Interana also announced it appointed Max Schireson, executive-in-residence at Battery Ventures, and In Sik Rhee, General Partner at Vertex Ventures, to the Interana Board of Directors, adding to an impressive list of industry leaders advising the company. Prior to joining Battery Ventures, Schireson was the CEO of open source database leader MongoDB, where he grew the company's reputation as the most popular NoSQL database for Fortune 500 companies and startups alike. Rhee, a general partner at Vertex Ventures, brings more than 20 years of experience co-founding, advising and investing in category leading companies including Couchbase, Cloudera, Facebook and Ooyala.
'Our mission is to put the power of interactive data exploration in the hands of everyone across today's digital businesses. This latest round of funding and powerhouse additions to Interana's board will help make this vision for self-service behavioral analytics a reality,' said Ann Johnson, CEO and co-founder of Interana. 'We are thrilled to welcome Max and In Sik to the Interana family as we enter this significant next phase of business growth. They bring exceptional experience in growing and leading successful startups, and their contributions and perspective complement our board's existing strengths.'
'As digital transformation continues to impact businesses, employees from the C-suite down must be able to explore the digital behavior patterns of people and things to make sound business decisions,' said Max Schireson, executive-in-residence at Battery Ventures. 'Doing this with big data sets in today's highly dynamic business environment requires a new, iterative approach to this process, which Interana is delivering.'
Interana's behavioral analytics solution fills a critical gap left by traditional Business Intelligence (BI) and reporting tools when businesses need to answer deeper, more meaningful questions about digital behavior. Traditional BI and reporting tools are either general business intelligence tools that are based in answering the kinds of questions typical in pre-digital businesses, or they are simple clickstream reporting tools that provide simple metrics on web and mobile services. Both are extremely limited in their flexibility and scalability for companies to answer new questions about behaviors of people and things accessing the full range of digital services today.
Behavioral analytics is evolving faster than any other category of analytics due to the continued expansion of mobile and web services, plus newer cloud, IoT, AI, bots and other kinds of digital services. All of these services produce massive volumes of rich event data. Putting direct exploratory analysis into the hands of everyone inside a business nurtures everyone's natural curiosity and leads to asking better, more informed questions. Understanding digital behavior of both people and things is a critical capability for any company seeking to advance its digital transformation, and a critical function already for every employee in wholly established digital businesses.
'We've been invested in data for a long time. What's very clear is that the benefits of data are not flowing to the business user, they are trapped with technologists,' said In Sik Rhee, general partner at Vertex Ventures. 'Most business users don't know what information they want initially out of their vast data and often the first ideas are not the best. Figuring out better ways to ask the right questions of their data is an iterative process, and unlike other offerings that tout themselves as self-service but have many hidden intermediaries, Interana provides true self-service analytics, giving users that critical ability to ask questions without a gatekeeper. They are building a sustainable solution to disrupt a congested analytics market.'
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