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The analytics firm Alteryx, California headquartered with a large Boulder office, raised an impressive $60 million in a Series B round led by Insight Venture Partners. With the compounding amount of relevant business data available, the success of Alteryx signals the powerful potential in stepping up to help make sense of it all.
[ibimage==30238==Medium==none==self==ibimage_align-right]"Empowering analysts to use all the data available to them, while also making it easy for data analysts to produce advanced analytics is enabling Alteryx to expand its total addressable market through increased user adoption and greater demand for its product," said Jeff Horing, an Insight managing partner. "Alteryx is the category leader in its market and among the top decile SaaS companies that I’ve seen in terms of growth and core business metrics."
In the last year, Alteryx has seen its customer base triple to 600, including participants in tech, finance, retail, and other sectors. Its services are priced at $4,000 for one product that combines data modeling and blending. Paul Ross, the company's VP of marketing, said in a statement that Alteryx boasts a 95-98% retention rate and that 82% of its customers see value within the first week of use.
The platform takes inputs from the cloud, internal systems, and third-party data sets. Its drag-and-drop interface makes it easy for almost any business to use. It plugs into an array of back-end data sources with no need for manual coding. Its partnerships with Qlik and Tableau facilitate simple visual representations of all of the information it gathers.
So far, the company has operated on an $18 million investment. This remarkable round should significantly increase its powers.
