Alteryx Secures $60 Million in Funding to Meet Growing Global Demand for Data Blending and Advanced Analytics Insight Venture Partners Leads Investment to Fuel Rapid Global Expansion for Alteryx and Continued Innovation for its Intuitive Analytics Platform
Alteryx, Inc., the leader in data blending and advanced analytics announced a $60 Million investment led by Insight Venture Partners with participation from existing investors, SAP Ventures and Toba Capital. This new investment is in response to the explosive growth Alteryx has experienced in the last year, with over 200 percent growth in its customer base. Alteryx will use the investment, in part, to expand the company’s go-to-market capacity to meet this burgeoning global demand, broaden its rapidly expanding partner channel, and continue delivering product innovations to line-of-business data analysts in marketing, sales, customer service and finance roles.
“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, managing
partner at Insight Venture Partners. “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.”
Horing, who co-founded Insight Venture Partners and has a wealth of experience creating software category leaders as they have scaled through significant growth, will represent Insight Venture Partners on the Alteryx board of directors.
“We are thrilled to have a firm like Insight Venture Partners join our team,” said Dean Stoecker, CEO of Alteryx. “Every day tens of thousands of analysts use Alteryx to drive better analytical decisions in their organization. This latest funding round validates the amazing things they do and will allow us to deliver continuously enhanced personal data blending and analytics experiences to even more analysts.”
Using an efficient land and expand model, Alteryx has rapidly built a customer base of over 600 organizations across a broad range of industries and in over 20 countries. Alteryx customers vary in size from large enterprise accounts to mid-market organizations; innovative customers, including Verizon, Boston Consulting Group, Ingersoll Rand, and Sudhoff Properties, were highlighted in June at Inspire 2014, the company’s largest user conference to date. The company recently established significant new partnerships with related software and services firms including Qlik Technologies, DataSift, and Slalom Consulting to complement existing partnerships with Tableau and Cloudera. The company opened its first overseas office in London in April of this year and has broadened its international channel partner program with partners in 40 countries.
Alteryx was recently named by JMP Securities1 to the ‘The HOT 100,’ the best privately held software companies report, and was positioned as a Visionary by Gartner Inc.2 in both the 2014 Magic Quadrant for Business Intelligence and Analytics Platforms and the 2014 Magic Quadrant for Advanced Analytics Platforms. Alteryx Analytics 9.1, which increased the product’s data blending support for Hadoop, Excel, and Google Big Query, was released in September of 2014.
“Alteryx uniquely addresses a key problem for every organization – how line-of-business analysts can blend all of the data they need, whether it is Big Data or any other source,” said Jai Das, Managing Director with SAP Ventures and Alteryx board member. “They are disrupting the analytics market
in a unique way that is delivering real growth for them and exceptional value for their customers.”