The funding will be used for product development, expanding the team from 250 to 275 by the end of the year, and customer acquisition efforts across the U.S., Europe, the Middle East and Africa. KNIME plans to remain competitive against rivals like Dataiku, Alteryx, IBM and SAS by launching an AI assistant and growing its portfolio of software-as-a-service offerings, targeting small- and medium-sized businesses with pay-as-you-go tiers.
Key takeaways:
- KNIME, an open-source data processing platform, has grown into a VC-backed startup with 400 customers, including Audi, AMD, Lilly, Novartis, Bayer, Sanofi, Genentech, the FDA, P&G and Mercedes-Benz.
- The platform is designed to integrate with an organization's systems of record, allowing users to build pipelines to transform data, create reports and visualizations, and compare data sets.
- KNIME recently secured a $30 million investment from Invus, bringing its total funding to $50 million. The funds will be used for product development, team expansion, and customer acquisition efforts across the U.S., Europe, the Middle East and Africa.
- Despite facing competition from data analytics rivals like Dataiku, Alteryx, IBM and SAS, KNIME plans to remain competitive through features like its recently launched AI assistant and by expanding its portfolio of software-as-a-service offerings, targeting small- and medium-sized businesses with pay-as-you-go tiers.