Bringing Total Funding to $27 Million for the Four-Year-Old Analytics Startup
CAMBRIDGE, MA – November 17, 2014 – InsightSquared, a provider of next generation business intelligence (BI) software as a service (SaaS), today announced the close of $13.5 million in Series C financing. Existing investors, Atlas Venture, Draper Fisher Jurvetson, and NextView Ventures are joined by new investor Two Sigma Ventures in this round.
InsightSquared, with annual revenues increasing by well over 100% this year, also just experienced three consecutive quarters of negative revenue churn, exceeding 500 customers.
The company plans on using this latest round of funding to accelerate the growth of sales and marketing as well as research and development, to better serve the increasing number of customers and prospects who are looking for insights into their CRM data and beyond. Now employing over 100 individuals at its Cambridge, MA headquarters, InsightSquared will also use the new funds to expand its operations in 2015 while launching new products and integrating with more data providers.
Colin Beirne, Director at Two Sigma Ventures said, “InsightSquared’s product is a disruptive step-change improvement on the cost and complexity of previous business intelligence solutions. There are hundreds of thousands of businesses that could benefit from clear, data-driven answers to their growth questions. InsightSquared’s product, supported by an impressive back-end infrastructure, seamlessly improves the workflow of their customers, in a market with incredible potential.”
InsightSquared recently sponsored Dreamforce 2014 where they delivered over 50 complete BI deployments on the show floor, each in less than an hour, a time to value unheard of in the BI industry. During Dreamforce, Salesforce announced the release of the Salesforce Analytics Cloud. InsightSquared, a Salesforce partner and Salesforce Ventures portfolio company, is excited that Salesforce is educating the market about the immense power of running a business by the numbers. InsightSquared will continue serving customers who don’t have the resources of an enterprise organization, and still want instant, actionable insights. This latest funding further validates the growing importance of BI for companies of all sizes, and an encouraging future for the analytics industry.
“The trusted relationship we have built with InsightSquared is a breath of fresh air, and a very uncommon and welcome change of pace for Vendor-Customer interactions,” said Max Lydstone, Chief of Staff at Unitrends and an InsightSquared customer. “With CRM adoption up, we are spending less time talking about numbers and more time driving them up. That is how we measure our success with InsightSquared.”
“Our mission has always been to provide businesses with insights into their data, so they can best grow their organization,” said Fred Shilmover, CEO of InsightSquared. “We’re inspired by our customers who depend on InsightSquared to level the playing field. They can grow their teams, run their businesses by the numbers, and close more deals thanks to actionable business analytics. We’re honored to have the continued support of these world-class investors in pursuit of that mission.”
Leading Business Analytics provider InsightSquared offers modern business intelligence for sales and marketing teams. Hundreds of companies around the world rely on InsightSquared’s award-winning analytics and preloaded reports to maximize sales performance, increase team productivity and close more deals. Based in Cambridge, Massachusetts, InsightSquared was recently named one of the “Best Places to Work in Massachusetts” by the Boston Business Journal and “Top Places to Work 2013” by The Boston Globe. For more information, visit www.insightsquared.com.
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