Cupertino (California) headquartered, cloud-based analytics applications provider, Numerify, has announced the closing of a $37.5 million Series C funding round led by Tenaya Capital, with support from existing investors Sequoia Capital and Lightspeed Venture Partners and new financing from Silicon Valley Bank and Four Rivers Group.
The funding will be used to expand Numerify’s product capabilities across new areas of IT business operations and will support the company’s growth in North America and Europe. The new round brings Numerify’s total amount of funding raised to more than $60 million.
Business analytics continues to be a top area of investments in enterprise technology, with the market expected to reach more than $125 billion globally by the end of 2015, according to IDC. IT organizations within the enterprise are following suit, increasingly turning to business analytics to improve their own operational efficiencies and get the most out of their estimated $2 trillion worldwide annual IT spend.
“As one of the first IT business analytics providers on the market, we are delighted that this space is growing so quickly,” said Gaurav Rewari, CEO and Founder of Numerify.
“With our pre-built analytic applications in the cloud that combine domain best practices with hundreds of metrics, reports, dashboards and a unified analytical data model embracing the full sweep of IT business operations, this new investment will support us through our next phases of exponential growth.”
Over the past year, Numerify, according to a company release, has seen “remarkable market adoption” with triple digit year-on-year bookings growth, expanding its customer base seven-fold to include leading brands such as Netflix, Intuit, Weill Cornell Medical and Aruba Networks, among others. The company has doubled its US employee headcount, including growing its overall strength with over a hundred people across its Engineering, Sales and Marketing teams.
Meanwhile, Tom Banahan, Managing Director of Tenaya Capital, also joins Numerify’s Board of Directors. “At Tenaya, we’re constantly seeking out savvy enterprise technology companies addressing growing markets with differentiated, market-leading technology,” Banahan said, adding, “Numerify’s impressive customer momentum is validation that its cloud-based analytics approach enables organizations to quickly get the most out of their IT data, positioning the company well to lead the rapidly growing IT business analytics space in the years to come.”
Numerify also announced the recent appointment of a vice president of engineering, Shekhar Rajvanshy. As the former head of development of IBM’s Big Data in the Cloud platform, and with previous engineering leadership roles at startups as well as at BEA and Informix, Rajvanshy will continue to drive Numerify’s platform to further scale to thousands of customers with terabytes of data.