GoodData Secures $25M in Funding
GoodData is a cloud based analytics engine that produces reports, charts and graphs for an organization’s critical data. GoodData helps businesses interpret data that they are gaining from their production environments so that management can create better business processes. GoodData boasts an impressive list of clients including the likes of Pertino, ZenDesk, AutoPilot and ServiceChannel.
GoodData has been around since 2008 and the company has secured over $100M in funding to date. This $100M figure includes $25M in venture capital the company has just recently received from Intel Capital. The Series E funding round also included investments from Andreessen Horowitz, General Catalyst, Tenaya Capital, TOTVS, Next World Capital, Windcrest and Pharus Capital. GoodData looks to use the $25M to expands its flagship product and bring in more clients.
In an interview with TC, CEO Roman Stanek mentions that the investment will, “deepen our product to make our customers more successful.” Stanek goes on to mention that much of the cash will be used for marketing and branding. This cash filled war chest is crucial considering the highly competitive market that GoodData is competing for. Chartio, Jolicharts and Domo are dominant players within this market. GoodData feels as if these products are inferior to it’s cloud based business analytics platform.
The $25M investment also lands GoodData a new board member. Within the deal, terms were discussed for allowing Intel Capital Director Igor Taber to sit on the board of GoodData. GoodData’s CEO Roman Stanek was further quoted as saying, “Unlike point solutions that only solve part of the business intelligence problem, GoodData manages the entire big data pipeline from taking raw data to preparing it for analytics, and finally to providing a seamless visualization environment for a variety of users.” Stanek stresses that GoodData’s solution is better. Stanek said, “We do it all securely in the cloud with unmatched time to value and in a way that minimizes complexity for the user.”
