Tidemark Nets $32M in Funding for Cloud Analytics
April 30, 2014
Tidemark, a maker of cloud-based business analytics and planning software, announced that it has received $32 million in its latest round of funding.
“Modern businesses are looking to CFOs for new ways to drive growth in an era of increasing velocity, mercurial challenges and intensifying margin pressures,” Tidemark founder and CEO Christian Gheorghe said. “We are continuing our strategy to bring innovation that helps our customers reap success and transform their organizations. With this latest financing we are able to accelerate our sales and marketing efforts and continue to further innovate so customers can move beyond managing costs to aggressively pursuing profit-driving endeavors.”
The funding came from Silicon Valley Bank and existing backers Greylock Partners, Andreessen Horowitz, Redpoint Ventures, Tenaya Capital, bringing the total raised to $80 million.
Tidemark is offering what it considers a cheaper and more agile alternative to traditional business analytics from the likes of IBM and Oracle (News - Alert), targeting the cloud and mobile devices. The company already boasts an impressive list of clients, including Chiquita, Hostess Brands, Chuck E. Cheese’s, HubSpot (News - Alert), ServiceSource and Brown University.
To that end, Tidemark has announced the release of its new Playbook feature, letting financial managers generate reports easily and quickly. Instead of taking time using complex dashboards and generating static reports, users can generate “Playbooks” in real time and share them across an organization and add new information as they go along.
“Tidemark Playbooks are extremely innovative and we see a lot of opportunity to leverage them quickly,” said Kristi Duncan, senior vice president of finance for Ernest Health. “We envision using Playbooks to replace our Budget Binder and many of the other reporting books we currently use.”
Tidemark has also integrated with New Relic’s application performance management software. Other new features include advanced analysis with natural-language queries, self-service configuration, a library of business method calculations and flexible business initiative planning.
Edited by Alisen Downey