Periscope Data, the industry’s first data analysis platform, has secured $25 million in Series B funding. The round was led by Bessemer Venture Partners with participation from existing investors including Draper Fisher Jurvetson, Susa Ventures, Innovation Endeavors, and AngelPad. Ethan Kurzweil, partner at BVP, who will be joining the company’s board of directors said
“The data within the enterprise has always been highly valued, but organizations have struggled to access and share critical information. Today enterprises that invest in data and empower their data teams with the best platforms have an important strategic advantage over their competition. We invested because Periscope Data helps data scientists do their jobs better and are now empowered to help their organizations win.”
With the mission to inspire and empower every data scientist in the world, Periscope plans to use this investment to scale product development, sales and marketing efforts.
Founded in 2012, Periscope data is a privately held software company with a data analysis platform for professional data scientists. The company’s data analysis platform allows data scientists to run analyses on SQL-based databases 150x faster than previously possible. With this, customers can unlock the value of important business data with unmatched speed and performance.
The Series B round follows a Series A round that raised $9.5 million in 2015.
Talking on the importance of data science, Harry Glaser, co-founder and CEO of Periscope, said that data science is an essential element of doing business in the digital age but data sets lack speed and efficiency to make quick decisions.
“Data science has become a core facet of doing business in the Digital Age, and our offering exponentially increases the speed and impact of data analysis. With Periscope Data’s platform, data scientists no longer have to wait hours for complex analyses to complete, and are able to quickly investigate critical business issues and recommend strategic changes with unmatched speed and performance.
Organizations need to discover actionable information and act on it faster than ever before. Periscope Data is well positioned as the industry standard for data analysis and visualization for companies large and small,” he added.
Periscope data registered a 5x revenue growth and its customer base saw 3x advancement in the past year with over 85% of customers using the product every day. And the numbers continue to grow.