Insight Venture Partners has led a $60 million in series B funding round for Alteryx, Inc., a company that has been providing a way to build analytical apps from a variety data sources via a workflow interface.
The round was led by Insight Venture Partners with participation from existing investors SAP Ventures and Toba Capital. Their most recent round prior to this was $12M Series in May, 2013. The additional money brings their total funding to date to $78M and suggests that investors have confidence that this market will grow.
And apparently with good reason, Alteryx reports that it currently has 600 customers, a 200 percent year over year increase.
Interestingly enough, Alteryx president and COO George Mathew doesn’t see the company competing with the usual Business Intelligence suspects, whether that’s more modern platforms like Tableau and QlikView or more traditional enterprise players like SAP Business Objects (where Mathew came from), Oracle Hyperion or IBM Cognos. Instead, Mathew says his company can work as a layer on top of existing tools and he says, they are partners with Tableau and QlikView, so he doesn’t see them as competition at all.
Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Insight Venture Partners, Alteryx, Inc., SAP Ventures, Toba Capital, George Mathew, Tableau, QlikView, SAP Business Objects, Oracle Hyperion, IBM Cognos.