Alteryx, a startup with software that lets everyone, even non-technical people, analyze corporate data, is announcing a $60 million funding round this morning. Growing into a bigger provider of such tooling is the whole point of today’s round. Insight Venture Partners is leading, while SAP Ventures and Toba Capital are also participating in this round.
The problem with a frothy investment market is that it takes a really big funding round to gain attention. $10 million here or $20 million there doesn’t really move the needle much. But when an early stage company that has only raised a series A previously announces $60 million as a Series B, that gets attention. And that is the fortunate position that Alteryx is in today. The company is announcing a round led by Insight Venture Partners with participation from existing investors, SAP Ventures and Toba Capital. Alteryx is a player in the data blending and analytics space. Alteryx Analytics gives analysts workflow for both data blending and the analytics to apply to their data. Alteryx combines all types of data – from internal systems, third party data sets and cloud inputs. The analysis happens without any programming using drag and drop tools.