Cloud-based financial planning and analysis player Tidemark has finalized a $25 million funding round that includes strategic financing from Workday.
Tidemark’s latest investment news takes the total capital raised by the company to about $118 million, Re/code reported Tuesday (June 16). The $25 million tally represents the sixth round of funding across the five years the company has been in existence.
Existing investors, including Greylock Partners, Andreessen Horowitz, Redpoint Ventures, Tenaya Capital and Silicon Valley Bank, also contributed to the latest funding. Re/code reported that Workday CEO Aneel Bhusri, a longtime partner at Greylock, was a member of Tidemark’s board but, as Re/code found, is no longer listed as a director on its website. Separately, Dave Duffield, Workday’s chairman, made a personal, unspecified investment in Tidemark. Workday is an enterprise resource planning company that operates in the cloud. The two companies have been working in tandem since Tidemark’s founding half a decade ago, Tidemark’s CEO Christian Gheorghe told TechCrunch on Tuesday. Yet the latest round marks the debut of Workday as an investor.
Tidemark’s focus is on data analytics, wherein companies can utilize the software to discover patterns and then also model “what ifs” using that same data, Re/code noted. The company itself terms the process “enterprise performance management” with an emphasis on collecting and aggregating data across sales, manufacturing and logistics, including supply chain analysis.
Though specific dollar amounts were not disclosed, Tidemark has also announced via a statement that sales in the first quarter quadrupled over the same period last year. It has been able to attract customers across several different industries, reports state, with recent wins including hotel chain La Quinta Holdings and cloud software firm Zuora, among other customers. The company also has said it has boosted its international footprint, having opened offices in the U.K., France and the Netherlands, Re/code reported on Tuesday.