- The platform capitalizes on AI and a fully blended toolset that makes the best use of data prep, analytics, and data science, which can be used to derive insights.
- The Pyramid platform can be used with numerous pre-built integrations, including SAP, Snowflake, and BigQuery.
Pyramid Analytics, which bills itself as a “decision intelligence” platform, announced that it had raised USD 120 million in a Series E round of funding.
The data and analytics platform was founded in 2008 and touts its “next-generation” business analytics smarts that are more advanced than traditional Business Intelligence (BI) tools such as Tableau and Microsoft Power BI. The platform capitalizes on Artificial Intelligence (AI) and a fully blended toolset that makes the best use of data prep, analytics, and data science, which can be used to derive insights.
Pyramid banks on the fact that its no-code approach allows non-technical users to solve complex business questions. According to the company, the no-code approach supports natural language queries and AI-powered analysis that “works directly against the data source” without first having to ingest the data.
To cite an example, a person wanting to prepare a sales report can request data points such as “show sales by occupation and marital status” without jumping through hoops.
The Pyramid Platform can be used with numerous pre-built integrations, including SAP, Snowflake, and BigQuery. At the same time, it packs a built-in “Extract, Transform, Load” (ETL) configuration to allow firms to collect and standardize their data from several sources.
Recently, decision intelligence was listed as one of Gartner’s “top tech initiatives” for 2022. The research and consulting firm noted that it was a “novel new way for organizations to capitalize on fast-moving data and rapidly changing environments.” Eventually, at a time when companies have more data than they can meaningfully access, it’s all about cutting competition. The key ingredient in all of this is AI. Gartner noted that “in the next two years, a third of large organizations will be using decision intelligence for structured decision-making, to improve competitive advantage.”
“A lot has been written over the past few years about the huge amounts of data created and digital transformation,” Pyramid Analytics’ co-founder and CEO Omri Kohl said. He added, “The full potential of that data hasn’t been reached because of the gap between available data and accessible data. There’s also the issue of who can access data and the power of analytics for data-driven decisions — the answer is ‘not nearly everyone who should’.”
It’s common for companies to use innumerable tools – from ETL to BI and beyond – to handle the data spill. This often leads to a messy, centralized setup controlled by a handful of attendants.
“As a result, businesses get many different answers to the same question because people are using different tools and data and doing it in their departmental bubbles,” Kohl continued. “Centralized control means that data analysts spend a lot of time working through a growing backlog of one-off requests from their non-technical coworkers. Multiple BI tools are too difficult for non-technical people to use. We’re spending time rewriting analytic assets because our data and technology is changing.”
“The Pyramid platform provides instant access to any data, enables automated governed self-service for any person, and serves any analytics need, from the simple to the sophisticated,” Kohl said.
More and more companies are increasingly attuning themselves to the growing decision intelligence movement. This includes the likes of Sisu Data, which recently closed a USD 62 million round of funding, and Peak, which raised USD 75 million.
As for Pyramid, it had previously raised around USD 91 million from notable backers, including esteemed Silicon Valley venture capital firm Sequoia Capital. With the addition of USD 120 million in the bank, the firm is well-positioned to become what it calls the “next analytics leader.”
HIG Growth Partners led the Series E round. Other firms such as Sequoia Capital, JVP, Maor Capital, Viola Growth, Clal Insurance Enterprises Holdings, Kingfisher Capital, and General Oriental Investments participated.