Pyramid Analytics, who has developed their flagship platform Pyramids Decision Intelligence, has announced that it has raised $120 million in Series E round of funding.
The funding round was led by H.I.G. Growth Partners along with Clal Insurance Enterprise Holdings, Kingfisher Capital and General Oriental Investments. Existing investors who participated in the round include JVP, Maor Capital, Sequoia Capital, and Viola Growth.
The funding news follows the latest update from Pyramid Analytics, who is joining Amazon Web Services’ ISV Accelerate program through which Pyramid and AWS will co-sell and support the Pyramid Decision Intelligence Platform on the AWS cloud.
Omri Kohl, Pyramid Analytics co-founder and CEO, said, “All elements are in place to speed Pyramid down the path to being the next enterprise analytics leader. 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.”
With latest funding, the company will apply to accelerating development of its business analytics software and to expanding its channel partnerships. It will also be used to continue developing the company’s decision intelligence platform to “maintain a technology advantage” over such competitors as Tableau Software, Qlik and Microsoft’s Power BI.
Headquartered in Amsterdam, Pyramid Decision Intelligence Platform combines business analytics, data preparation and data science capabilities with AI guidance functionality. It enables governed self-service analytics in a no-code environment.
With the latest funding, The company’s total venture capital has reached to $211 million. ALong with acceleration and development, Pyramid also plans to leverage the additional funding to expand its global presence and expand a larger share of the big data and business analytics addressable market, which market researcher IDC calculated at $215.7 billion in 2021.
With the accelerated partnership, AWS, which is heavily focused on cloud-based IT infrastructure, also stands to gain more business from this relation.
Dave Henry, Senior Vice president of Strategic Alliances at Pyramid Analytics, told CRN, “When we look at our go-to-market initiatives with AWS, a lot of it is going to be focused on. How do we educate business users about getting more value out of AWS – which will naturally mean business users working with IT professionals. And this idea that you can have a decision intelligence platform to do that is key to what we are doing.”