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Business intelligence SaaS player Tidemark scored $32 million in new funding from Silicon Valley Bank and previous backers Greylock Partners, Andreessen Horowitz, Redpoint Ventures and Tenaya Capital. This brings total funding to more than $80 million over five rounds.
The money will fund expansion of worldwide sales and marketing, especially in Europe and the Mideast, according to CEO and founder Christian Georghe.
Tidemark, which like most SaaS players these days stresses a “cloud-first, mobile-first” game plan, competes with analytics from old-line companies including SAP, IBM and Oracle, as well as a bevy of younger competitors such as Anaplan, Adaptive Insights and Host Analytics. It’s a big market, but it’s also crowded.
The emergence of many new-look BI startups seems to indicate a new era of BI but there are also signs of consolidation as evidenced by Monday’s news that Tibco bought Jaspersoft for $185 million. There’s a lot of moving and shaking going on.
Along with the funding, the Redwood City, California-based Tidemark also announced the new release of its analytics product. It includes a new Playbook feature that aims to help CFOs better manage performance and integrates with the popular New Relic application performance monitoring.
SaaS players have a leg up on traditional on-premises companies in some realms. As Chiquita CIO Kevin Ledford — a Tidemark customer — told me a few months ago, when it comes to new applications, he goes SaaS right away. In that way companies like Tidemark, Workday and Saleforce.com have a leg up on legacy providers, even though those older companies now have SaaS options.