PRESS RELEASE: Numerify, a provider of cloud-based analytics applications for the business of IT, today announced it closed a $37.5 million Series C funding round led by Tenaya Capital, with support from existing investors Sequoia Capital and Lightspeed Venture Partners and new financing from Silicon Valley Bank and Four Rivers Group.
The funding will be used to expand Numerify’s product capabilities across new areas of IT business operations and will support the company’s growth in North America and Europe. The new round brings Numerify’s total amount of funding raised to more than $60 million.
Business analytics continues to be a top area of investments in enterprise technology, with the market expected to reach more than $125 billion globally by the end of 2015, according to IDC. IT organizations within the enterprise are following suit, increasingly turning to business analytics to improve their own operational efficiencies and get the most out of their estimated $2 trillion worldwide annual IT spend.
“At Tenaya, we’re constantly seeking out savvy enterprise technology companies addressing growing markets with differentiated, market-leading technology,” said Tom Banahan, Managing Director of Tenaya Capital, who also joins Numerify’s Board of Directors. “Numerify’s impressive customer momentum is validation that its cloud-based analytics approach enables organizations to quickly get the most out of their IT data, positioning the company well to lead the rapidly growing IT business analytics space in the years to come.”
“As one of the first IT business analytics providers on the market, we are delighted that this space is growing so quickly,” said Gaurav Rewari, CEO and Founder of Numerify. “With our pre-built analytic applications in the cloud that combine domain best practices with hundreds of metrics, reports, dashboards and a unified analytical data model embracing the full sweep of IT business operations, this new investment will support us through our next phases of exponential growth.”
Over the past year, Numerify has seen remarkable market adoption with triple digit year-on-year bookings growth, expanding its customer base seven-fold to include leading brands such as Netflix, Intuit, Weill Cornell Medical and Aruba Networks, among others. The company has doubled its U.S. employee headcount, including growing its overall strength with over a hundred people across its Engineering, Sales and Marketing teams. Numerify also announced the recent appointment of a vice president of engineering, Shekhar Rajvanshy. As the former head of development of IBM’s Big Data in the Cloud platform, and with previous engineering leadership roles at startups as well as at BEA and Informix, Rajvanshy will continue to drive Numerify’s platform to further scale to thousands of customers with terabytes of data.
Across industries, Numerify is enabling forward-thinking IT organizations to address their business analytics needs. The company’s cloud-based analytic applications span the key functional areas of the IT organization, including services, assets, project management and finance. Using Numerify, organizations are able to hone in on specific infrastructure issues affecting business operations, deliver more value from IT teams and contribute directly to the organization’s bottom line.