Business analytics company Tidemark is making headlines for its US$ 13 million funding announcement and it's looking to use that money to take on the big names in the market.
Founded in 2010, Tidemark is working hard to set itself apart from other business analytics providers. The company didn't hold back punches when describing legacy providers in its funding announcement, claiming Oracle Hyperion, SAP and IBM Cognos are "suffocating customers with archaic technology" which prevents getting the "right people" involved in managing business processes.
Tidemark's solution to this problem is to let its clients suggest their own management solutions and work from there, developing apps to help these business work the way they want.
Timing is important when making business decisions, and so access to analytics is key. Tidemark delivers its analytics reports -- which combine structured and unstructured data -- in a visual format, to make the data accessible to more people. Collaborative capabilities are built in to share information with decision makers, and its multi-tenant cloud structure allows for flexibility and scale when business needs demand.
The apps platform includes apps for financial planning, operational planning, metrics management and cloud operations. For example with the operational planning application users are able to see an overview of business activities and why they're happening. More specifically, the app can, among other things, show how a plan or activity will affect a company down the road, compare flexible operational metrics and find drivers. Information, which is gathered in real-time, is presented in both a numerical format and as a chart.
Along with these apps, the company also has Storylines, a SaaS product that turns analytics into infographic-like images. By creating a company story, businesses are able to clearly see what improvements have been made over the years and what areas need to be worked on with process data as well as those from other internal and external sources. Examples of infographics include forecast trends, business health that includes customer retention and online delivery percentages and a company data map that shows where a business' employees are located.
Making an Impact
Tidemark is still a relatively new company, but could become a worthwhile competitor in the analytics field if it continues to develop innovative products like Storylines, which makes data more manageable.
Where most companies seek to build a fancy dashboard that only the boss can see, let alone tweak, Tidemark is aiming to make data analytics accessible and easy enough to use that anyone in the company can do it,” wrote All Things D's Arik Hesseldahl.
Although Tidemark is making small strides, like the announcements that were made this week.
Funding for Future Growth
Tidemark reported that as of July 31, the company has grown 250 percent. This growth is attributed to the company’s new Fortune 1000 clients who are looking for a new and different approach to BI and analytics.
We knew that our extremely tight time frame necessitated speed and flexibility in our analytics platform implementation," said Robert Molina, vice president of financial planning and analysis at Hostess Brands, one of the newest Tidemark clients. "Tidemark provided us with a solution that legacy systems couldn't."
Other companies who have joined Tidemark are Chiquita and Brown University.
Tidemark also announced successful completion of a US$13 million funding round, bringing its funding total to US$ 48 million. Tenaya Capital led the contributions, which also included Greylock Partners, Andressen Horowitz and RedPoint Ventures. Tidemark says they will use the funding for product development and new ventures.