Continued market adoption drives latest investment for accelerating customer acquisition and expanding AI capabilities
Numerify, a provider of AI-powered IT Business Analytics, today announced it closed a $27.5 million funding round led by DAG Ventures, with support from existing investors including Lightspeed Venture Partners, Sequoia Capital, and Tenaya Capital. As part of the financing, DAG Managing Partner Nick Pianim has joined Numerify’s board of directors.
The funding will help the company grow its enterprise customer footprint and accelerate the introduction of new analytic solutions that embed artificial intelligence and machine learning capabilities.
The funding follows a year of strong growth for Numerify in which it more than doubled its software subscription bookings and expanded its enterprise customer list to include top 5 companies in 11 different verticals. The Numerify platform has also continued to expand its technical lead in the market with 20 issued and pending patents. These patents have been instrumental in delivering new solutions that span IT Plan, Build, and Run processes, such as the recently-launched, AI-powered Change Success solution. Additionally, customer satisfaction continued to hit new heights with strong expansion in both adoption and usage.
“We have a successful track record of investments in pioneering software companies scaling their market presence,” said Nick Pianim, Managing Director of DAG Ventures. “Numerify’s broad adoption in several of its blue-chip customers demonstrates the Numerify IT Business Analytics solution as being essential to any enterprise with a digital transformation initiative looking to ensure their IT investments are being deployed in the most operationally-effective manner possible. Numerify’s AI-powered technology and strong solution focus have given it a leading position in the market, and I look forward to working with the Numerify team to drive further rapid growth.”
The 2018 Gartner CIO Survey indicates that 54% of CIOs have a digital transformation-related initiative in place. Forward-thinking IT organizations are focusing on innovation, improving operational efficiencies, and leveraging IT business analytics to uncover opportunities for value creation. As data volumes increase and business users seek deeper insights, use of machine learning automation through the data and analytics workflow is emerging as a key requirement. These trends are expected to drive significant investments in big data and analytics, with IDC forecasting worldwide spend to reach $260B by 2022.
“Our recent market research shows that business analytics has become imperative for IT organizations as they seek to improve business alignment, adopt agile principles, and accelerate innovation,” said Howard Dresner, Chief Research Officer of Dresner Advisory Services. The industry veteran, who coined the term “Business Intelligence” continues, “Deeper analysis of IT people, process, and project data is central to driving change and achieving these goals, and we’re seeing IT leaders rapidly increase adoption of the analytics practices that have been common to the rest of the business for years. My conversations with organizations confirm that IT leaders need a business analytics lens that allows them to run IT like a business.”