SAN FRANCISCO, CA--(Marketwired - Aug 20, 2013) - Birst Inc., the leader in Cloud BI, today announced it has completed a $38 million investment led by Sequoia Capital. All other existing investors participated in the round and were joined by new investors including Northgate Capital. The new funding will be used to further expand internationally, grow sales and marketing and invest in new product capabilities.
As the only enterprise-caliber Business Intelligence platform born in the Cloud, Birst is less costly and more agile than legacy on-premise BI solutions, but also fully functional, unlike Data Discovery products. This unique value proposition coupled with the company's impressive momentum and increased adoption of Cloud BI by the world's largest companies, served as the cornerstones driving the investment.
In addition to a rapidly growing list of Fortune 500 and midmarket customers, Birst is expanding into new markets in Europe, Asia and the Middle East, continues to grow its partner and technology alliances and has received impressive accolades and recognition by industry experts for its product breadth and depth, high customer satisfaction, and industry-changing Cloud delivery model.
These advantages helped Birst add to its swelling customer ranks in the first half of 2013. Select new customers include American Express, Build.com, Cisco, CSC, InterContinental Hotels Group, Ingram Medical, Johnson Controls, Leapfrog, NCC Media, New South Wales Government, Nippon Life, Reckitt Benckiser (RB), Samsung, Schneider Electric, Sunny Delight, and Virgin HealthMiles. Additionally, Birst continues to expand its indirect embedded business, adding organizations such as FICO, Navis, Omnicell, OpenText, Trimble and Valen to a long list of leading software providers who rely on Birst to power the analytics within their solutions.
"The demand for BI continues to grow and the shift to the Cloud has become unstoppable," said Brad Peters, CEO and Co-founder of Birst. "We already have the industry leading product. This investment furthers our ability to strengthen our solution and will allow us to offer it around the world."
"Companies are drowning in data, and Birst is the lifeline that allows them to surface the information that really matters," said Doug Leone, partner at Sequoia Capital. "We're excited to continue to partner in their success."
Birst continues to expand its global partner ecosystem and in 2013 has added a dozen new additional solution provider partnerships, including firms such as Acumen, Analytics8, Audaxium, CorSource, Eagle Creek, The Pedowitz Group, Projectline, TeleTech and 3Coast. Moreover, new strategic alliances were formed with Amazon, NetSuite, and Marketo.