Domo raised US$ 33 million from Benchmark Capital, which also backs eBay and Twitter. This adds to the previously announced US$ 10 million in angel funding from investors, including Salesforce.com CEO Marc Benioff and John Thompson, chairman of Symantec Corp.
"We could raise another $100 million tomorrow if we wanted to," boasted James. "It's just a question of dilution and trying to get the right value for the shareholders. We certainly have enough money for our needs at this point. It allows us to move really fast and really aggressively in a really big space with a lot of competitive threats."
Domo competes with a pool of products designed to allow companies to make quick decisions.
Large businesses typically have a number of systems that gather data about cash flow, sales figures, customer feedback, etc. but all too often there's no way to quickly bring all of that information together.
Domo’s products are reportedly delivered through clouds and sit on top of the various systems a company might have. From here they work to gather and analyze data delivered on demand, which James says will allow companies to quickly make decisions that will help the bottom line. "It's for any business manager anywhere who needs to have access to information," he said. "If you want to go back and find that information or see real-time updates, its just impossible" to do so now.
As an example, James cited a problem at Omniture, where the company’s cash receivables were down because several customers in Japan had stopped paying their bills. As it turns out, the problem was that the company was performing computer maintenance at night in the U.S. when it was daytime in the Asia, disabling the ability to use Omniture’s system during peak hours for the latter.
"That took a couple of months to piece all that together because the data was just not tied together. Where now, you get a report that says your cash balance is below the target. You click on it, you see your receivables are low. You click on it, you see three Japanese customers aren’t paying. You click on your customer service report and you see a bunch of them are ticked off and you see why.”
As for other perks? They're mobile. Mark Gorenberg, managing director at Hummer Winblad Venture Partners and a Domo board member, commented on the ability to get Domo information immediately sent to a mobile device. “It’s a very powerful tool for helping me make real-time decisions.”