Panoply raises $10M for its cloud data platform
Panoply, a platform that makes it easier for businesses to set up a data warehouse and analyze that data with standard SQL queries, today announced that it has raised an additional $10 million in funding from Ibex Investors and C5 Capital. This brings the total funding in the San Francisco- and Tel Aviv-based company to $24 million.
The company, which launched back in 2015, has mostly stuck to its original vision, which was always about democratizing access to data warehousing and the analytics capabilities that go hand-in-hand with that. Over the last few years, it also built more code-free data integrations into the platform that make it easier for businesses to pull in data from a wide variety of sources, including the likes of Salesforce, HubSpot, NetSuite, Xero, Quickbooks, Freshworks and others. It also integrates with other data warehousing services like Google's BigQuery and Amazon's Redshift and all of the major BI and analytics tools.
The company says it will use the new funding to expand its sales and marketing efforts.
We aspire to make analysts' lives simpler and more productive by making it easier for them to sync, store, and access their data, and this funding will go a long way toward that mission," says CEO and co-founder Yaniv Leven in today's announcement.
In some ways, Panoply was maybe just a bit early to the market. Today, though, there can be little doubt that we're in a booming market for data warehousing and analytics services. There's nary a business left, after all, that isn't looking to gain more insights from the copious amounts of data they gather every single day now. That market is now more competitive than ever, too, with incumbents like Snowflake, Databricks and others (including all of the hyper clouds) all aiming for their slice of the market. Panoply and its investors clearly believe that the company's all-in-one platform gives it a competitive edge, though.
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