Oracle competitor Tidemark launches, wins more cash
SAN FRANCISCO Oct 17 (Reuters) - Cloud-based analytics
company Tidemark took the wraps off its business after two
years in stealth mode, and announced a new funding round.The company is another in a list of start-ups aimed at
helping businesses deal with sorting through growing amounts of
data. It works using the cloud — meaning data gets stored on a
network of computers and is accessible from anywhere.But in a sign of the tough fund-raising environment that
has emerged over the last couple of months, the company raised
less money this year than it did last year. Typically,
companies raise a bigger sum with each funding round.Tidemark, formerly known as Proferi, raised $6.3 million in
its A, or first significant, funding round last year, and said
total equity raised totaled “more than $11 million.” A
spokesman confirmed the new round was slightly smaller than the
previous round, and said Tidemark didn’t want to raise more
cash than it needed at this stage.Its software takes on established players like Oracle and SAP , and will allow customers to quickly
see the possible outcomes for a variety of scenarios: “For what
happens if a competitor enters your space, or if you change a
product line,” Chief Executive Officer Christian Gheorghe told
Reuters as examples.Fellow cloud-based business-software company Box said last
week it won $81 million in a late-stage round of funding. Domo,
a cloud-based business intelligence company founded by former
Omniture CEO Josh James, won $33 million in July.Tidemark’s initial customers are sales & marketing company
Acosta; US Sugar, and a large technology company it
declined to name.Its backers include venture-capital firms Greylock Partners
and Andreessen Horowitz; and Dave Duffield, co-founder of
Workday and founder of PeopleSoft, both business-enterprise
companies.
