The Quest to Bring Powerful Analytics to IT Managers Just Got a Boost
I have some exciting news to share: earlier today we announced the close of a $37.5 million Series C funding round led by Tenaya Capital, with support from existing investors Sequoia Capital and Lightspeed Venture Partners, as well as new investments from SVB Capital and Four Rivers Group. While you can read about the specifics of the round in our press release, I wanted to take the time to discuss what this news means for Numerify and the IT industry at large.
Pioneers in IT Business Analytics
First, we couldn’t have made it this far without our early customers and partners. Customers are adopting Numerify IT Business Analytics applications at a rapid pace, and they’re spreading the word about us. There is an increasingly large market need emerging for analytics focused on the business of IT – which spans people and processes across IT services, projects, assets, and finance. In the past year, we’ve added many new customers to the Numerify family, including Weill Cornell Medical, REI, Rambus, Aruba Networks, Cardinal Health, University of San Francisco, and Intuit to name just a few. By partnering with organizations like these, who are leaders in their respective industries, we’re able to hone the quality of Numerify’s products to become the leader in ours.
The Growing Role of Analytics in IT
IT business analytics has become increasingly important as cloud technology, mobile, and BYOD put IT at the front and center of business operations. Additionally, the increasing adoption of technology that enhances the customer experience, such as self-service kiosks at airports, tablets use by sales associates in retail, and in-store WiFi, increasingly position IT as a revenue-driver and at the forefront of the end customer experience. Every business is now a technology business, which creates an exciting opportunity for IT to become a real partner to the business and directly impact operations as well as the bottom line. And the way you achieve that as an IT leader is through superior IT business analytics.
Delivering on the promise of IT Business Analytics
I have been fortunate to have worked with some pioneering IT leaders who were early to embrace analytics and undertook complicated analytic projects for their business partners in sales, marketing, finance, supply chain, and HR. But, ironically enough, these same IT organizations were using spreadsheets to make their decisions. So, we saw an opportunity to provide pre-built cloud analytics applications for IT leaders that would rival – and surpass – what their peers in sales, marketing, and finance have, but be deployable in days and weeks, not months and years.
To me, this approach really combines the best of the two worlds of BI technology and functional domain knowledge. Our domain-specific BI applications allow our customers to focus on what they do best – manage their IT processes and resources so that they in turn can deliver great value to their customers. For example, I recently saw one customer realize that their service desk was drowning in recurring incidents. By analyzing the root cause behind these incidents, they were able to fix the issue once, reverse the negative trend in service delivery quality and improve the internal perception of IT.
With this round of funding, we plan to invest in expanding our applications to cover the entire expanse of IT business operations, so that more IT professionals can gain novel insight in their area of expertise. We will also continue to build out the automation for the development and delivery of cloud analytics applications at scale via our unique analytics platform. On this front, I’ll simply say: stay tuned for some exciting updates to come.
What’s Next for the Numerify Team
The Series C funding will allow Numerify to further expand our sales and marketing presences as well as continue to invest in research and development to further our technical leadership. Our team culture is ambitious, and we share a common vision: to build the de facto applications that IT uses to measure and manage their business success.
We’re looking forward to our next phase of growth, and we thank all of our customers, partners and the Numerify team for joining us on the journey!