Enterprise-focused cloud performance analytics company Tidemark, formerly known as Proferi, has raised $24 million in new funding led by Redpoint Ventures with existing investors Greylock Partners, Andreessen Horowitz and Dave Duffield, co-founder and co-CEO of Workday participating. This brings the total amount raised to more than $35 million. Redpoint partner Geoff Yang will join Tidemark’s Board of Directors.
Founded by Romanian entrepreneur Christian Gheorghe, the Tidemark Enterprise Performance Management Platform delivers real-time, risk-adjusted metrics management; strategic, financial, operational planning and forecasting; and profitability modeling applications.
Tidemark’s premise is that enterprises are investing billions yearly in traditional business intelligence systems that were not built for today’s data deluge and do not provide the forward-looking analysis that is required of businesses today.
Basically Tidemark monitors and analyzes business data, including key performance indicators, key risk indicators and other data for enterprise business planning functions. The software can produce full profit and loss reports by product, customer, supplier and channel to understand the detailed drivers of cost and improve margins.
The web applications are built with a HTML5 user interface and includes application components such as processes, goals, dimensions, KPIs, calculations, risks and controls. Tidemark also features integrations with a number of cloud and on-premise systems for sourcing structured and unstructured data including PDFs, MS Office documents and blogs.
The new funds will be used for customer acquisition.