Tidemark wins $32 million funding to take on Oracle, SAP
SAN FRANCISCO (Reuters) - Business-intelligence service Tidemark said it has raised another $32 million in funding to help it take on an area once dominated by companies like Oracle (ORCL.N) and SAP (SAPG.DE).
The cash will help Redwood City, Calif.-based Tidemark develop its analytics tools, which take data created by business applications and put them in an easy-to-evaluate format.
Business intelligence has evolved into a highly competitive market, with companies such as Tableau Software (DATA.N) and fellow start-ups Domo and Birst offering services that take advantage of technological developments driven by the Internet.
Like other new business-intelligence companies, Tidemark's tools are cloud-based. That means they can be accessed from anywhere and come with more flexible terms compared with legacy analytics tools from companies such as Oracle and SAP.
Its customers include video service Netflix (NFLX.O), banana distributor Chiquita CQB.N, and marketing service HubSpot.
Silicon Valley Bank joined existing investors Greylock Partners, Andreessen Horowitz, Redpoint Ventures, and Tenaya Capital in the funding round, which brings Tidemark's total funding to $80 million. The company last raised cash in August.
The funding is all primary, meaning it will go directly to the company rather than to buy out employees and other existing investors, a spokeswoman said.