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The business analytics startup is looking to expand its global footprint by allocating the raised funds for sales, marketing and other developmental efforts.
New York-based leading business analytics platform Sisense has touched $1 billion valuation after its recent $100 million funding round. Insight Venture Partners led this funding round along with other investors Bessemer Venture Partners, Battery Ventures, DFJ Growth, and others.
In the last three years, the company’s valuations have surged 200% as it now serves over 2000 customers. Some of the big names in Sisense’s client list include Nasdaq, Philips, Salvation Army, and Tinder. Amir Orad, CEO at Sisense said that his company has registered “annual recurring revenues of over $100 million for fiscal year 2019”. He further added:
“We are honored to have these reputable investment partners support our growth strategy and continue on our fast track.”
This business analytics startup helps big organizations by providing valuable market insights with complex data crunching. Moreover, Sisense also leverages the latest technologies like Artificial Intelligence and Machine Learning for mining valuable data.
With global businesses getting more and more complex, data is turning to be the most valuable source for companies. Understanding the market pulse, Sisense is making some bold decisions to position itself higher. Last year, Sisense acquired another data mining company Periscope Data, reportedly for $100 million.
Speaking about Sisense’s success, Jeff Horing, Managing Director at Insight Venture Partners, said:
“We have enjoyed watching the Sisense momentum in the past 12 months, the traction from its customers as well as from industry leading analysts for the company’s cloud native platform and new AI capabilities. That coupled with seeing more traction and success with leading companies in our portfolio and outside, led us to want to continue and grow our relationship with the company and lead this funding round.”
Allocating Fresh Funds for Marketing and Development Efforts
In its press release, Sisense said that it will be allocating all the freshly raised funds for sales, marketing and development efforts. The company is aggressively working on increasing its market share and bring further more investments to its platform.
In the latest fundraising round, the company also saw a new U.S.-based investor Access Industries. Daniel Shinar, who leads Access Industries’ investments in Israel said:
“Given our investments in market-leading companies across diverse industries, we realize the value in analytics and machine learning and we could not be more excited about Sisense’s trajectory and traction in the market. Sisense is the clear leading analytics platform for builders and we’re excited to be part of their journey for many years to come.”
Over the last few years, Sisense has received several accolades to its name in the industry. Gartner hailed Sisense as a visionary in the Magic Quadrant for Analytics and Business Intelligence.