Business intelligence and strategic analytics provider, Alteryx has announced US$ 12 million in funding that will be used to help with company growth.
A Good Track Record
The funding, which was issued by Toba Capital and SAP Ventures, will specifically be used to improve the company’s sales and marketing efforts, product investments and expand Altreyx’s international presence.
As a Big Data and analytics focused company, Alteryx is committed to improving how businesses monitor engagement and social interaction trends, which is something that Toba Capital took note of when making its investment decision.
According to a statement from the founder of Toba Capital, Vinny Smith, his company was looking for a potential investment that not only had a strong client base, but was helping to change its business market and could also grow beyond it current state. For Toba Capital, this is the reason they chose Alteryx, as the company and its products address its clients wants and needs “without sacrificing power to usability.”
As for the second investor, SAP Ventures, they had previously providing funding for Alteryx in 2011 and has found that since then the company has only improved its product suite by continuing to offer tools in three key areas: cloud, big data and predictive analytics.
Alteryx is one of the few analytics platform providers which has the right mix of cloud, Big Data and predictive analytics capabilities to be able to leverage the massive changes in the analytics market and grow rapidly to become one of the leading analytics companies,” said Jai Das, managing director for SAP Ventures.
Some of Alteryx's solutions include Hadoop analytics; customer churn and spatial analytics; marketing service providers and retail solutions.
Products include Analytics Gallery, a cloud based analytics application tool that allows users to try, build and share apps and Private Cloud Server, a strategic analytics tool that allows users to share applications with colleagues.
The New Kids in Town
This funding announcement isn't the only release related to product and company expansion that Alteryx has had in recent months. Earlier in May Project Edition was released, a division of Alteryx's Designer Desktop product. As an analytics platform, Project Edition is an "instant analytics" tool that is designed to track data for a specific project and present it in a singular workflow. Other versions of Designer Desktop are the professional and personal editions. In addition to this, in March Alteryx released version 8.5 of its Strategic Analytics product to help improve the consumerization of Big Data.