Alteryx Inc., which specializes in blending and advanced analytics, is receiving $85 million from an investment round led by firms Iconiq Capital and Insight Venture Partners, along with Meritech Capital Partners.
“Tools like Alteryx are really democratizing the way people work particularly when it comes to doing predicative statistical capabilities and be able to complement that with the data prep blending that is naturally happening in Alteryx today,” said George Mathew, president and COO of Alteryx. “This generational shift is something that we are most excited by.”
The funding will help Alteryx to expand its services and support for customers in sales and marketing, customer success and channel partner relationships, along with further innovating its products.
“We’re making great investments to broaden the footprint of Alteryx globally,” Mathew said. “We’re doubling our investment in R&D as we grow in the market and this really will enable us to continue to keep that leadership position that we have in being the strongest solution from a data blending and advanced analytics standpoint we have today.”
Alteryx currently is serving over 1,000 customers across all major industry groups and ranging from Global 2000 enterprise to SMBs on all continents. Business data analysts and workers that primarily use Excel as an analytical tool benefit the most from Alteryx’s solutions, the company said.
“We become a very natural complement to Excel and that is where we see where a lot of our growth is being driven from today,” Mathew said. “The types of users using Alteryx today are not only taking advantage of significant amounts of data from both a variety and volume perspective but they are going into more significant capabilities in terms of their own ability to do analytical work that goes beyond a standard set of aggregation calculation models.”
For more information about the funding announcement, visit www.alteryx.com.