Data analytics provider Pyramid Analytics Inc. today announced that it has closed a $120 million funding round led by H.I.G. Growth Partners.

Founded in 2008, Pyramid provides a data analytics platform that competes with business intelligence tools such as Microsoft Corp.’s Power BI product. The startup’s platform enables companies to turn their business data into charts and find useful patterns. Pyramid uses artificial intelligence to automate many of the manual tasks historically involved in this task.

“Too many people struggle with disjointed tools for data prep, business analytics, and data science that are too complicated for most people to use,” Pyramid co-founder and Chief Executive Officer Omri Kohl wrote in a blog post today. “This results in slow decisions, no decisions or bad decisions. We’re on a mission to change that.”

Before companies can uncover useful insights in their data, the data has to be prepared for processing, which is often one of the most time-consuming aspects of business intelligence projects. First, business intelligence teams must extract the information set to be processed from the systems where it’s usually kept. Then, users have to remove erroneous data points, filter duplicate records and, in some cases, add contextual information from external sources.

Pyramid promises to streamline the data preparation workflow. According to the startup, its platform provides a no-code interface that enables users to remove errors from their data and prepare it for analysis without writing complex queries. Related tasks, such as standardizing records originally stored in different formats, can also be done without writing code.

Once a dataset is ready for processing, Pyramid’s platform enables users to turn it into charts. The startup also provides pre-packaged data analytics workflows, dubbed Calculation Wizards, that make it possible to extract specific parts of a dataset and run calculations to find useful patterns.

Advanced users such as data scientists often require the ability to customize how analyses are carried out. To address that requirement, Pyramid offers the ability to run custom scripts and machine learning algorithms on data processed in its platform.

Pyramid says its platform is used by Dell Technologies Inc., HP Inc. and about 2,500 other organizations. The startup’s net retention rate, a measure of how companies increase their spending on a software product over time, stands at 110%.

“Pyramid drives exceptional ROI to customers by empowering them to make faster, more intelligent decisions leveraging advanced analytics and data insights,” said H.I.G. Growth Partners co-head Scott Hilleboe.

Pyramid’s plan to continue growing its customer base places an emphasis on making more investments in product development. The startup, which maintains offices in London, New York and Tel Aviv, also intends grow its international presence. Pyramid will expand channel partnerships with companies such as resellers to help support its go-to-market efforts.

Pyramid is competing in a growing market. According to International Data Corp. research cited by the startup, companies spent $215.7 billion on data and business analytics solutions last year, 10.1% more than in 2020. The data and business analytics market’s compound annual growth rate through 2025 is expected to be 12.8%. 

Image: Pyramid