CUPERTINO, CA, Numerify today announced $8 million in venture capital funding today after completing an oversubscribed Series A round.
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Numerify today announced $8 million in venture capital funding today after completing an oversubscribed Series A round. The funding will be used to drive product development, deploy initial customers and deliver on Numerify's vision to provide SaaS application users with a turnkey Business Analytics solution to rapidly deliver the meaningful numbers necessary to successfully chart the course of their businesses.
In less than a decade, businesses have quickly transitioned key operational applications from on-premise environments to the cloud for greater scalability, flexibility and cost savings. As organizations look to derive these same benefits for their business analytics and data warehousing environments, they are confronted with a significantly more complex data landscape. This complex landscape is a result of cloud-based sources continuing to be siloed from one another, and from on-premise systems that still hold important data for decision-making.
Historically, this challenge has required businesses to embark on services-intensive data integration and warehousing projects that are lengthy, risky and expensive.
'At Numerify, we believe that a large part of the burden of this new data integration and analytics challenge can be shifted from man to machine,' said Gaurav Rewari, CEO and co-founder of Numerify. 'Further, we believe that the SaaS business user can and should drive the scope of 'numerification,' i.e. what data assets get assembled for analysis, when, and how. Numerify will disrupt the economics of such analytic solutions and dramatically improve their ROI.'
Leading venture capital firm Lightspeed Venture Partners was the principal investor. The round also included investments from industry luminaries including Frank Slootman, CEO of ServiceNow; Amit Singh, president of Google Enterprise; Deep Nishar, SVP of products & user experience at LinkedIn; James Ramsey, former EVP of sales at NetSuite and Abhay Parasnis, president & COO of Kony and former SVP of Oracle Public Cloud, among others.
'At Lightspeed Venture Partners, we carefully select whom we fund based on superior technology and go-to-market strategy,' said Bipul Sinha, partner at Lightspeed Venture Partners. 'Business Analytics is a space in which we have historically had significant success and continue to maintain a deep focus. We chose to invest in Numerify because of the exceptional caliber of its leadership team and its truly unique approach to addressing a problem that most companies will confront with increasing urgency: how to continue to deliver reliable insights to their business users in the face of the new data fragmentation caused by their increasing adoption of SaaS operational applications.'
'Companies that adopt SaaS based applications also need analytic solutions that span these sources and provide unified metrics across customers, suppliers, products and employees,' said James Ramsey, former EVP of worldwide sales and distribution at NetSuite. 'Numerify's pioneering approach to providing such end-to-end visibility to business managers empowers them to leverage analytics effectively to successfully fulfill corporate objectives.'
'Business analytics applications need to deliver actionable intelligence across sources and over time,' said Amit Singh, president of Google Enterprise. 'Numerify's unique platform-driven approach holds the promise of dramatically altering the economics of building, deploying and managing such business analytics applications in the cloud, thus unlocking the full power of the SaaS delivery model for IT and business users alike.'
Numerify was co-founded by industry veterans from Oracle, Microsoft, IBM, MicroStrategy and Hyperion and is currently in stealth mode. The company has assembled a seasoned team with a strong pedigree and exceptional track record of designing, building and launching some of the most successful and iconic products in the history of Business Intelligence (BI), Enterprise Performance Management (EPM) and Data Warehousing.
'I am excited about the extremely talented team we've assembled to bring this vision to life and help 'Numerify' businesses worldwide,' added Srikant Gokulnatha, co-founder and VP of products at Numerify.
Numerify is re-imagining business analytics by allowing decision makers to rapidly get to the meaningful numbers they need to reliably measure and effectively manage their businesses in the age of the cloud.
Founded in 2012, Numerify is headquartered in Cupertino, CA and backed by leading Silicon Valley venture firm Lightspeed Venture Partners as well as several industry luminaries. Visit Numerify at http://www.numerify.com and join the conversation at @numerify.