The good times keep rolling for Alteryx, the data blending and advanced analytics startup took in $85 million in new funding today to fuel its “profound growth.”
The aforementioned term isn’t ours, it belongs to Alteryx president George Mathew. He said the company’s client roster has grown from 350 to more than 1,000 in the past year.
He also claimed 92 percent of the analysts who trial the company’s software are able to generate reports in less than a week. In other words, the learning curve isn’t steep and the ROI could be, relatively speaking, immediate.
Though Mathew isn’t the kind to cock his feathers, he did have some impressive stories to tell when we sat down with him last week.
There was one about a wealth management company that is able to apply variance and risks to its portfolio model and receive insight back in 90 minutes. Before Alteryx it took 47 hours, said Mathew. And in that world, time actually is money.
Other industries like retail, manufacturing telecom, among others are using Alteryx together for data prep, data cleanse, data blend and more. At one top management consulting/tax advisory firm more than 3,000 consultants use the software for analytical work.
Money and More
So maybe Alteryx’s management team didn’t have to work too hard to convince the investors at Iconiq Capital, Insight Venture Partners and Meritech Capital to invest. After all, Insight, which was the lead backer in the company’s last $60 million round of funding, is in a good position to read Alteryx’s pulse.
Earlier this month, Alteryx and Microsoft partnered to put data blending and advanced analytics powers into the hands of Power BI users.
They can now create analytic workflows that output datasets directly to Microsoft Power BI for consumption. This is the kind of thing that couldn’t have been done in a timely and cost-efficient manner 10 years ago because the technology, literally, didn’t exist.
It’s also worth mentioning that advance analytics solutions, like Alteryx, actually bring the promise of big data to life. Instead of making the storage of big data cheaper and talking about the potential that mining huge data sets can bring to the world, advanced analytics vendors simply help customers get the super powers they crave to get the job done, now.
Title image by Yoni Kaplan-Nadel