Tidemark, the California based enterprise performance management platform, built on Cloud technology, recently raised $13 million from a group of investors including Tenaya Capital leading the round, with participation from existing investors Greylock Partners, Andreessen Horowitz and Redpoint Ventures.
The raised funds will be utilized by the company to replace legacy Enterprise Analytics with Cloud-based Solutions.
The company helps medium and large enterprises transform their businesses with cloud-based planning, forecasting and analytic applications that can be adapted according to the business requirements. One can review latest sales data, collaborate, and update forecasts – all from an iPad in the field. Also, recently company has introduced “Storylines”, the actionable visualizations that dynamically tell the story of a company’s performance in the form of infographics.
As per Tony Rizzo, Co-founder, Customer Success at Tidemark, most of the business analytics projects fail due to delay in deploying legacy analytics system. At Tidemark, the applications are combined with a disruptive implementation approach that enable customers to bring critical information to all corners of their organization in a fraction of the time.
Also, in a recent announcement, Tidemark disclosed a 250% Y-o-Y growth in the First Half of FY14 owing to the growth driven by new Fortune 1000 customers across five vertical industries. Tidemark is gaining momentum from the rapid time to value experienced by customers, with every customer live within 90 days.
As per Christian Gheorghe, Founder and CEO, Tidemark, the velocity of business and increasing importance of data outside a company’s walls have created new challenges that can’t be solved by focusing on a few power users who act as the gatekeepers to information.
“Legacy vendors, such as Oracle Hyperion, SAP and IBM Cognos are suffocating customers with archaic technology that prohibits getting the right people involved in actively managing the performance of the company,” said Christian.
Till date the company has raised around $48 million including $24 million last year and $4 million in 2011. Leading companies using Tidemark’s multi-tenant platform for analytics and performance management include Chiquita, Hostess Brands, Pabst Brewing Company, ServiceSource, Cerner and Brown University.