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Pyramid Analytics Closes $120 Million Series E Financing

Oversubscribed Round Exceeds Target by $20 Million,
Validates that Decision Intelligence is Transforming $215 Billion Enterprise Analytics Market

Pyramid Analytics (Pyramid), a pioneering decision intelligence platform provider – next-generation business analytics for the enterprise – announced that it has closed a Series E funding round of $120 million, bringing the company’s total venture capital raise to more than $200 million. The round was led by H.I.G. Growth Partners, the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with over $48 billion of equity capital under management1, with the participation of Clal Insurance Enterprises Holdings, Kingfisher Capital, and General Oriental Investments. Early investors who participated in this new round are JVP, Maor Investments, Sequoia Capital, and Viola Growth.

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“I am gratified and humbled by the confidence some of the world’s best technology investors have exhibited in Pyramid; the technology, company, and people,” Omri Kohl, Chief Executive Officer and Co-Founder, Pyramid

Key Points:

  • New capital will finance Pyramid’s continued innovation advantage and hyper growth.
  • Decision intelligence pioneer raised $211 million to date, inclusive of the Series E.
  • Scott Hilleboe, Co-Head, H.I.G. Growth Partners, joins the Pyramid Board of Directors.
  • The Pyramid Decision Intelligence Platform ranked first for Augmented Analytics Use Case in the Gartner Critical Capabilities for Analytics and Business Intelligence Platforms, 2022.
  • Pyramid is on an accelerated path to become the next analytics leader.

The $120 million round will be strategically invested to drive hyper growth and make Pyramid​ the next Analytics Leader by accelerating the company’s first-mover advantage in augmented analytics capabilities and the decision intelligence category. Pyramid will allocate funds to:

  • Continuously innovate the Pyramid Decision Intelligence Platform to best serve the business analytics needs of our customers, continue to define the emerging decision intelligence market, and maintain a technology advantage over legacy business intelligence tools such as Microsoft Power BI, Qlik and Tableau.
  • Expand the company’s global geographic presence, capture a larger share of the Total Addressable Market for analytics, and increase Channel partnerships with complementary technology companies, independent software vendors (ISV), consulting firms, value-added resellers (VAR) and systems integrators (SI).
  • Enhance the Pyramid customer experience with unmatched service and support, learning and professional certification, and networking and community.
  • Become the greatest employer brand in analytics to effectively hire, reward and retain the best talent, including customer success, marketing, sales, and software engineering and development.

Pyramid Backed by Global Investors Shaping the Future of Technology

H.I.G. Growth Partners’ portfolio companies represent leading companies in the SaaS, eCommerce, Healthcare and Technologies industries throughout North America, Europe, and Latin America. Clal Insurance Enterprises Holdings provides insurance and financial services in Israel. Geneva-based General Oriental Investments is the Investment Management arm of the Cavamont / Cavenham Group of Companies which invest worldwide in all asset classes.

Returning investors are JVP, Maor Investments, Sequoia Capital, and Viola Growth. JVP is a visionary venture capital firm that has been instrumental in building some of the world’s largest companies and facilitating 12 IPOs on NASDAQ. These include Qlik, an early entrant in the business intelligence market, launched in the United States by JVP. Viola Growth is a technology growth capital fund, focusing on investing in global companies at the expansion phase. Portfolio companies include Outbrain, Similarweb, and Trigo. Sequoia Capital is a renowned VC firm whose portfolio companies include Okta, Snowflake, and Zoom.

What is Decision Intelligence?

Decision Intelligence is the fast-emerging, next big innovation in analytics which will accelerate data-driven transformation. There is more data available for analytics than ever before. More people are interested in making decisions with data. More sophisticated analytics are in demand.

Decision Intelligence is designed to speed up insights, scale adoption, and simplify analytics. More people want and require access to data to make faster, more intelligent decisions. These include internal and external non-technical stakeholders. Decision Intelligence empowers anyone to make faster, more intelligent decisions. And that can change everything.

Decision Intelligence is the Next Big Analytics Innovation

The next major innovation in analytics is Artificial Intelligence (AI). Applying AI across Data Prep, Business Analytics, and Data Science is what separates Decision Intelligence from traditional business intelligence tools such as Microsoft Power BI, Qlik, and Tableau. AI lowers the skills barrier by automating the highly technical work needed to prepare and analyze data and create and share reports and dashboards.

The Pyramid Decision Intelligence Platform delivers data-driven insights for anyone to make faster, more intelligent decisions. The Pyramid Platform provides instant access to any data, enables automated governed self-service for any person, and serves any analytics need, from the simple to the sophisticated. By uniquely combining Data Prep, Business Analytics, and Data Science with AI guidance in a single environment, the Pyramid Platform reduces cost and complexity while accelerating growth and innovation. This enables a strategic, organization-wide approach to Business Intelligence and Analytics.

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$215.7 Billion Total Addressable Market

Worldwide spending on big data and business analytics (BDA) solutions was forecast to reach $215.7 billion in 2021, an increase of 10.1% over 2020, according to a new update to the Worldwide Big Data and Analytics Spending Guide from International Data Corporation (IDC). The forecast also shows that BDA spending will gain strength over the next five years as the global economy recovers from the COVID-19 pandemic. The compound annual growth rate (CAGR) for global BDA spending over the 2021-2025 forecast period will be 12.8%.

Analyst Viewpoints

Pyramid’s Decision Intelligence strategy was described as evolutionary in a recent analyst report from 451 Research, part of S&P Global Market Intelligence. Pyramid Analytics Plants a Stake in the Decision Intelligence Ground, authored by Krishna Roy, Senior Research Analyst on the Data, AI & Analytics team at 451 Research, examines Pyramid’s Decision Intelligence Platform in the context of the emerging decision intelligence market which experts see as the next evolution in analytics and business intelligence (ABI).

Gartner ranked Pyramid first for Augmented Analytics in the Gartner Critical Capabilities for Analytics and Business Intelligence Platforms, 2022. Gartner noted that the Pyramid Decision Intelligence Platform also “scored well across all four use cases” evaluated: Augmented Analytics; Enterprise Analytics; General Analytics; Visual Self-Service Analytics. Twenty (20) companies were evaluated on 12 Critical Capabilities, including Microsoft BI, Qlik, and Tableau.

The Pyramid Decision Intelligence Platform won the Dresner Advisory Services 2021 Technology Innovation Awards in seven of 12 Categories. The Technology Innovation Awards are presented to the top-ranked vendors in 12 Dresner Advisory 2021 Wisdom of Crowds® thematic market reports. The annual thematic studies are based on data collected from end-users and provide a real-world perspective on various technical capabilities related to Dresner’s annual research. Each report examines current deployment trends, user intentions, and industry capabilities.

BARC (Business Application Research Center), a leading European analyst firm, elevated Pyramid’s Decision Intelligence Platform to the Large/Enterprise-Wide Implementations category in its BARC BI & Analytics 22 Report. Pyramid received 40 Top Rankings (1st place) and 87 Leading Positions (top 22-33% or top 2 products) in its 6 peer groups in The BI & Analytics Survey 22.

Executive Quote

Omri Kohl, Chief Executive Officer and Co-Founder, Pyramid: “I am gratified and humbled by the confidence some of the world’s best technology investors have exhibited in Pyramid; the technology, company, and people. Overwhelming interest from the venture capital community underscores the importance of the problems we help our customers solve and the innovations we introduced to help enterprises in ways BI tools and legacy analytics could not.

“This milestone is a testament to the intellect and hard work of our employees across the globe, commitment of our partners, and trust and advocacy of our customers. All elements are in place to speed Pyramid down the path to being the next enterprise analytics leader.”

Investor Quotes

Scott Hilleboe, Co-Head, H.I.G. Growth Partners: “H.I.G. partners with industry-leading companies to drive transformative change. Pyramid is a model of transformation. The Pyramid Decision Intelligence Platform upended analytics and business intelligence (ABI) by redefining what’s possible when the power of data insights is available to everyone.

“H.I.G. is excited to partner with Pyramid in their next stage of growth. Pyramid drives exceptional ROI to customers by empowering them to make faster, more intelligent decisions leveraging advanced analytics and data insights. I’m thrilled to join the Board of Directors and to collaborate with an exceptional leadership team who have brought a truly innovative, differentiated technology to market.”

Yoav Tzruya, General Partner, JVP: “As experienced investors in the data and analytics, with proven successes such as Qlik, which was led by JVP’s founder & chairperson, Erel Margalit, from early-stage to post-IPO, we are happy to continue and support Pyramid Analytics.

“Analytics solutions, and especially BI systems, have struggled for more than 2 decades, with the promise on delivering true enterprise-wide decision-support capabilities. Today, such solutions are further crippled, coming up short on the support for diverse and distributed data sources, ever-increasing quantities of data, intuitive user experience, while providing needed enterprise capabilities. Pyramid Analytics is the only solution that brings decision intelligence capabilities for anyone – from C-suite to the front-line – to make faster, more intelligent decisions.”

Haim Sadger, Partner, Sequoia Capital: “Sequoia Capital first invested in Pyramid nearly a decade ago. Over this time, the Pyramid leadership team has turned their vision for giving anyone in an organization the power of data and analytics to make faster, more intelligent decisions into reality. Technology innovations, customer growth, industry analyst recognition and commercial success have followed. We are proud to deepen our partnership, and we look forward to being part of Pyramid’s next stage of growth.”

Sami Totah, General Partner, Viola Growth: “Pyramid Analytics is well on its way to becoming a global leader in the fast-growing decision intelligence category. With 110% net customer retention rate and nearly 2,500 organizations that use Pyramid to speed up insights, scale adoption, and simplify analytics for more than 1 million people, we are truly excited to support its next steps of growth.”

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