Tidemark has raised $13 million for its cloud-based analytics platform. Tenaya Capital led the round with participation from existing investors Greylock Partners, Andreessen Horowitz and Redpoint Ventures. This latest round brings the total amount raised to more than $48 million.
The technology is built on an in-memory platform that pulls structured and unstructured data into an elastic multi-tenant environment. That data is then shaped into apps that are used for risk-analysis, strategic, financial, operational planning and forecasting as well as profitability modeling. Essentially, Tidemark layers its analytics technology on top of a company’s financial management system, data from external sources such as Twitter and Facebook and other relevant information.
The company positions itself as a modern analytics provider that can do more with a customer’s data than competing legacy providers. The difference is the speed at which it generates the apps and the analytics.
This modern approach is embodied in Storylines, a SaaS offering launched earlier this year that uses the infographic style as a dashboard-style service for customers.
The service uses real-time analytics with the infographic style to tell a story with ongoing financial projections.
Tidemark is helping companies operate according to a data-driven approach that I am seeing more companies embrace as analytics become more accessible and older systems from legacy providers increasingly don’t do the job. That’s a shift that will be ongoing for many years to come, It will benefit Tidemark but analytics capabilities will be far and wide. The challenge will be in continually differentiating in a crowded market against companies with very deep pockets.