* Josh James launches new business-intelligence company
* Twitter backer Benchmark Capital provides funding
By Sarah McBride
SAN FRANCISCO, July 13 Omniture co-founder and
Chief Executive Josh James said he has secured a hefty $33
million for his next venture, business-intelligence company
The company will build on services offered by companies
like German enterprise-software company SAP (SAPG.DE). James
said Domo would avoid the technology and steep upfront fees
that make it hard for unhappy customers to switch out of
Domo, previously called Shacho and operating out of public
view until now, skips licensed software in favor of cloud-based
technology known as software-as-a-service. That technology
allows customers to avoid software installations, updates, and
The product from Salt Lake City-based Domo lets customers
quickly generate up-to-date business information, say on
network efficiency or customer complaints.
Pulling similar reports now can be time consuming,
particularly for companies using multiple systems to collect
it, James said. Frequently, the information is out of date.
It is unclear whether companies will want to add another
layer of software to already complex systems. James said he
already had several customers, including Fortune 500 companies,
using the technology in beta, or test, mode.
James's track record founding online marketing and
web-analytics company Omniture, which Adobe Systems (ADBE.O)
bought for $1.8 billion in 2009, is a key reason backer
Benchmark Capital was willing to give Domo an unusually large
sum of cash for such a young company, said Benchmark general
partner Matt Cohler. "He understands how to build massive value
in markets that are ripe for disruption," Cohler said.
Another was continuing growth in the business-intelligence
market, which the Gartner Group expects to grow by more than
one-third to $13.8 billion over the next three years.
Domo's board will comprise James; Cohler; Hummer Winblad
Venture Partners Managing Director Mark Gorenberg; Symantec
(SYMC.O) Chairman John Thompson; Sorenson Capital co-founder
Fraser Bullock; and Neal Williams, founder of Corda, a software
company acquired by Domo last year.
The company previously raised $10 million from angel
investors including salesforce.com (CRM.N) Chief Executive Marc
Benioff; Akamai (AKAM.O) Chief Executive Paul Sagan; Symantec's
Thompson; and funding firms Andreessen Horowitz and SV Angel.
(Editing by Steve Orlofsky)