Tidemark raises $13 million for cloud analytics

Tidemark raises $13 million for cloud analytics

Summary: The U.S. company is chipping away at Oracle, IBM and SAP.

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TOPICS: Start-Ups, Cloud
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Illustration courtesy Tidemark

Tidemark, the California enterprise analytics company, announced this morning that it raised $13 million from investors Tenaya Capital, Greylock Partners, Andreessen Horowitz and Redpoint Ventures.

It brings the company's total amount raised to more than $48 million.

The startup seeks to replace legacy analytics products from SAP, Oracle, and IBM with its multi-tenant, cloud-based offering that can be deployed in 90 days.

So far, it's working: Tidemark revealed 250 percent growth for the first half of the year, compared to the same period last year, and new deals with Chiquita, Brown University, Hostess Brands and Cerner.

They're not shy about their desire to nip at the heels of the category leaders, either.

"Legacy vendors, such as Oracle Hyperion, SAP and IBM Cognos are suffocating customers with archaic technology that prohibits getting the right people involved in actively managing the performance of the company," founder and CEO Christian Gheorghe said in a rather bold statement. "The velocity of business and increasing importance of data outside a company's walls have created new challenges that can't be solved by focusing on a few power users who act as the gatekeepers to information."

The gameplan with the additional funds? Perhaps early preparation for an initial public offering in 2015. AllThingsD's Arik Hesseldahl points out that the company is following in the footsteps of Workday, another enterprise startup fixture in these pages.

Topics: Start-Ups, Cloud

Andrew Nusca

About Andrew Nusca

Andrew Nusca is a former writer-editor for ZDNet and contributor to CNET. During his tenure, he was the editor of SmartPlanet, ZDNet's sister site about innovation.

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