start-up secures $20m funding
secured $20 million in funding for his new venture, Domo, which supplies software as a service (SaaS) business intelligence systems, Research says.
The investment, from Institutional Venture Partners - which was also one of Omniture's backers - brings the total Domo has raised to $63 million, including $33 million from Benchmark Capital.
Domo claims “business intelligence is broken” and aims to make information more accessible and actionable for managers.
The Lindon, Utah-based company focuses on an executive management platform for business intelligence in order to help managers and executives access data without IT, Vator News writes.
Often, business information is cordoned off into various silos across a company network (from the cloud, spreadsheets and various reports), but Domo has created products that allow executives to easily search across all information, no matter where it is stored.
“This move fills the coffers and enables us to stay focused on execution,” James said in a statement. “It also provides flexibility as we build out our sales organisation and position the company to take advantage of strategic growth opportunities.”
Domo revealed its initial Series A funding of $43 million in July 2011, the Salt Lake Tribune notes.
The company also said that, in the next few months, it plans to reveal names of large global customers and details behind its products and strategy.
“We've been testing the market through an early adopter programme, and the overwhelming response signals that we've tapped into a major pain point for CEOs and other executives,” James said.
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