Decision intelligence platform provider Pyramid Analytics has raised $120 million in a Series E round, the company announced in a Monday (May 9) press release.
The round brings the company’s total capital raised to north of $200 million. Pyramid said it will use the money to build its platform, expand its global presence and enhance its customer service and support offering.
The company — which is incorporated in Amsterdam and has offices in New York, London and Tel Aviv — described decision intelligence in the release as a major innovation in analytics.
“Decision Intelligence is designed to speed up insights, scale adoption and simplify analytics,” the release stated. “More people want and require access to data to make faster, more intelligent decisions. These include internal and external non-technical stakeholders.”
Decision intelligence is different from traditional business intelligence tools, according to the release, as it applies artificial intelligence (AI) across data prep, business analytics and data science.
“AI lowers the skills barrier by automating the highly technical work needed to prepare and analyze data and create and share reports and dashboards,” the release stated.
Pyramid said in the release that global spending on big data and business analytics (BDA) solutions is projected to reach $215.7 billion in 2021, a 10% increase over the previous year, citing a new update to the Worldwide Big Data and Analytics Spending Guide from International Data Corporation (IDC).
See also: IDC Says Companies Will Spend $342B on AI Solutions for Digital-First Economy
The funding round was led by H.I.G. Growth Partners with the participation of Clal Insurance Enterprises Holdings, Kingfisher Capital and General Oriental Investments and returning investors JVP, Maor Investments, Sequoia Capital and Viola Growth, according to the release.
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