SAN FRANCISCO, April 29 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 and SAP.
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 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, banana
distributor Chiquita, 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.
(Reporting by Sarah McBride; Editing by Bernard Orr)