After its big bet on Periscope Data, Sisense raises $100M+ at a unicorn valuation
Business intelligence startup Sisense Inc. today said that its valuation has surpassed $1 billion thanks to a new $100 million-plus funding round led by Insight Partners.
The investment follows a $80 million investment in late 2018. Sisense’s total outside funding now stands at more than $300 million when counting the capital raised by Periscope Data, a fellow business intelligence provider it absorbed through a nine-figure merger last year.
New York-based Sisense has developed a software platform that enables users without deep technical expertise to visualize business information in interactive dashboards. The product uses artificial intelligence to automate tasks such as data cleansing.
By buying Periscope Data, Sisense obtained a second business intelligence platform with capabilities geared toward more technical users such as analysts. The Periscope Data platform allows workers to write queries in multiple programming languages and provides the ability to create complex, custom workflows for integrating records from multiple systems. Sisense this week relaunched the offering under the brand Sisense for Cloud Data Teams.
Building more features for advanced users will be a major focus in the company’s post-funding development roadmap. Sisense Chief Executive Officer Amir Orad (pictured, left, next to Periscope Data co-founder Harry Glaser) offered a small preview those plans in a Tuesday blog post.
“Over time users will be empowered with self-service dashboard creation and a more interactive exploratory environment,” Orad wrote. “The announcement of Sisense for Cloud Data Teams is an acknowledgment of the value these experts provide and a promise to execute on an aggressive roadmap for them.”
Also on the company’s roadmap: an initial public offering. In a report this morning, Israeli business paper Globes quoted Orad as saying that Sisense is hiring “senior staff” to lay the groundwork for a stock market listing, though the executive stressed there isn’t a concrete plan yet.
Sisense has over 2,000 customers including Nasdaq Inc., General Electric Co. and Spotify Technology AB. The company’s merger with Periscope Data last year bumped its annual revenue above $100 million, a symbolically important threshold tech companies often aim to achieve before going public.
Besides Insight Partners, today’s round saw the participation of Bessemer Venture Partners, Battery Ventures, DFJ Growth, Warner Music Group Inc. owner Access Industries and other unnamed backers. Insight Partners is the same investment firm that today announced it’s acquiring data protection provider Veeam Software Inc. for $5 billion.
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