Pyramid Analytics receives $120m in VC funding for 'decision intelligence'
Investor money set to help the software vendor make its AI analytics tech a thing
Pyramid Analytics, the BI company which counts Siemens, VW Ireland and Dell among its customers, has secured Series E funding of $120 million.
Founded in 2009, the company has now secured venture capital totalling $200 million, with the latest round led by H.I.G. Growth Partners, with the participation of Clal Insurance Enterprises Holdings, Kingfisher Capital, and General Oriental Investments. Sequoia Capital and Viola Growth are among investors in earlier rounds.
The company sells something it calls "Decision Intelligence." It claims that applying artificial intelligence to analytics lowers the skills barrier and automates the complex steps required to make decisions with data.
Omri Kohl, CEO and co-founder, said: "Overwhelming interest from the venture capital community underscores the importance of the problems we help our customers solve and the innovations we introduced to help enterprises in ways BI tools and legacy analytics could not."
Pyramid aims to provide a single platform to allow users to connect analytics tools to data sources. It then offers an AI-driven, no-code approach to data modeling. Analysis, explainability, and collaboration are also supported in the platform. And it gives users the option of acting on decisions via alerts, conversations, and workflows.
In its latest v2020.10, users can create custom reports, reduce unnecessary visual noise, and display date-time data without having to configure filters. It also offers a Present Lite mode, pitched as making it easy for users to create presentations and dashboards using an intuitive, clutter-free environment. However, on the technical side, it offers a complete audit log that shows who is creating what.
Gartner said that Pyramid's Decision Intelligence Platform also "scored well across all four use cases" evaluated, including augmented analytics; enterprise analytics; general analytics; visual self-service analytics.
While decision intelligence is still in its infancy, it has the potential to increase the levels of data-driven decision-making in an organization significantly, said Krishna Roy, senior research analyst at 451 Research, part of S&P Global Market Intelligence.
Investing in these technologies had the potential to increase sales, improve business agility, and enhance customer service, he said. “Decision intelligence platforms are likely to play a key role in enabling organizations to realize these benefits.”
Last year, 451 Research found that almost one-third (32 percent) of companies have yet to fully embrace a data-driven approach to strategic decision-making. A sizable number of organizations are missing out on the benefits of utilizing data as a decision-making tool, it said, while 90 per cent of respondents said data will be more important to their organization in 2022.
The researcher also noted Pyramid's ability to scale: deployments of 800-1,000 users are typical and customers often use the system to query 100 billion rows of data.
But Pyramid is not the only business intelligence business hoping to turn analytics into action. Last year, Qlik, the visualization specialist, announced Application Automation with a no-code user interface (UI); Native Qlik Cloud integration – using APIs to automate analytics, and Dynamic automation triggers – automating actions depending on present conditions in analytics. ®