It’s an immensely proud day for Pentaho. Today we announced that a syndicate of venture capital firms led by NEA that includes Benchmark Capital, Index Ventures and DAG Ventures has agreed to invest $23 million in the company. You can read the press release here.
These firms share a common belief that the big data revolution offers significant upside and is part of a larger transformation taking place in the enterprise software industry that includes cloud computing. NEA’s recent blog post, SaaS 3.0: Big Data that Delivers, describes this very eloquently.
However, no matter how cool a company’s technology is, the ability to attract funding depends on how well the company is delivering on its strategy. I’m pleased to report that our first-mover advantage in big data really started to pay off in 2012, with our big data sales growing by more than 300%! And I believe the kind of growth we’ve seen this year is only the tip of the iceberg.
Still, revenue growth is only part of the picture. As Warren Buffet famously said, “value is what you get” and sustainable growth depends on the ability to create value for others. On this score, our big data solutions are creating value for a new generation of disruptive companies like Beachmint, Shareable Ink and Travian Games, which recognize the potential of advanced analytics to drive innovation, customer loyalty and new sources of revenue. Established companies like Soliditet and several large firms in financial services are using Pentaho to prepare for a future that will include big data analytics.
We plan to use the new funds to accelerate further technology innovation in big data and other areas, recruit the best talent in the industry and further our expansion into global markets so that we can create even more market value through our solutions.
The big data journey is in full flight – hang on for a fast, fun filled ride!