Pentaho Receives $5 Million in Series A Funding
Today, Pentaho Corp., the world’s leading provider of Open Source Business Intelligence (BI) software, announced that it has secured $5 million in series A funding from two premiere venture capital firms with deep Open Source expertise. U.S.-based New Enterprise Associates (NEA) led the round in partnership with European-based Index Ventures.
Commenting on the investment, Andre M. Boisvert, Chairman and co-founder, stated “we were fortunate to have been able to fund the company through its initial product development phase and to deliver product to market. With real customers having validated our business model, I am delighted that we are now teaming up with two world-class venture firms that can not only provide us with growth capital but more importantly provide us with their wealth of Open Source expertise.”
Throughout the company’s 27 year history, NEA has invested in more than 550 early stage companies and currently has more than $6 billion under management. In addition to Pentaho, NEA has made investments in other leading Open Source companies such as SugarCRM, Xensource and Sourcefire. Vladimir Jacimovic, NEA’s partner appointed to Pentaho’s board of directors, stated “We look forward to working with Pentaho’s highly experienced team which has created the most comprehensive Open Source BI solution in the market place today. When you combine this with Pentaho’s innovative business model, we feel confident that they will continue to gain market share.”
Index Ventures brings a successful 10-year track record with early stage investments and an experienced team. Founded in Geneva, its investments span the globe. Bernard Dalle, Index’s partner elected to Pentaho’s board of directors, added “We are extremely excited about our investment in Pentaho as it is synergistic with several of our other Open Source investments. For example, many MySQL customers were searching for an Open Source BI offering and Pentaho offers a great solution.” In addition to its investment in MySQL and Pentaho, Index has invested in several other Open Source leaders, including Zend Technologies, Source Labs and Trolltech.
Peter Goldmacher, Vice President of Institutional Research at SG Cowen & Co. said “there is no doubt that Open Source alternatives to traditional proprietary software at all level of the stack are gaining momentum as IT departments continue to explore ways of reducing software costs. With the advent of companies like Pentaho, Open Source BI has now been added to that list of alternative choices.”
About Pentaho Corporation
Pentaho is delivering the future of business analytics. Pentaho's open source heritage drives our continued innovation in a modern, integrated, embeddable platform built for the future of analytics, including diverse and big data requirements. Powerful business analytics are made easy with Pentaho's cost-effective suite for data access, visualization, integration, analysis and mining. For a free evaluation, download Pentaho Business Analytics at www.pentaho.com/get-started.
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