Analytics
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Over the past year we have seen incredible growth in the demand for our product, with a 200% increase in the number of organizations using Alteryx for Data Blending and Advanced Analytics. But I knew that we could do more - not just because we have big ambitions, but because we recognize that today’s business analysts face huge challenges. While thousands of data analysts around the globe use Alteryx every day to deliver deeper business insights in hours, not the weeks of traditional approaches, the harsh reality is there are over 2.5 million analysts in the world who struggle every day to get the data set they need and to deliver the predictive or spatial analytics their business require. That is why I decided to partner with Insight Venture Partners (and our existing investors SAP Ventures and Toba Capital) to deliver a $60 million investment in Alteryx, and provide some relief for these analysts.
At Alteryx, unlike many startups, we have built an incredible software product supported by a powerful and sustainable business model that allows us to deliver significant growth without burning through tons of money. This is clearly evidenced in the passionate and burgeoning community of Alteryx users who seemingly cannot get enough of the Alteryx product.
Jeff Horing of Insight Venture Partners will be joining our board and has noted that we are in the top 10% of subscription-based software companies that his organization has tracked in terms of growth, renewal rates, Net Promoter Scores and other business metrics. This means that you, like over 600 enterprise and mid-market organizations around the world, can trust us with your business.
So why are we taking this money if our business is solid and growing so quickly? The very simple answer is that we want to accelerate that growth. With this additional funding we can do three important things:
- Invest in our product faster. We have a great development team who produce world-class products that customers love. This investment will allow us to expand that team so that we can produce new innovations, broaden our capabilities, enhance the customer experience and bring the power of Alteryx to new platforms, faster than we could before.
- Expand our Alteryx user community. The 2.5 million analysts around the world have been woefully underserved by both the traditional data and analytics solutions typically sequestered deep in IT, and the overly complex and cumbersome tools for the line of business, leaving contemporary business questions answered late - if answered at all. We want to get Alteryx into the hands of these 2.5 million analysts, and to enable them with the community and support platforms that transform them into the modern heroes of business.
- Expand the partner ecosystem to drive global growth. We now have partners in 40 countries worldwide, delivering solutions that use Alteryx alongside leading technologies like Tableau, Qlik, Cloudera and many others. This is just scratching the surface, so we will invest in our partner program to ensure we add organizations who share our vision and yours, for supporting the modern analyst. We will also build on our successful London office launch with more associates around the world, and more international partners, so we are there when and where you need us.
Let’s face it, the data and analytics solutions of yesteryear have plain and simply let down 2.5 million analysts and the companies they work for. Our single goal is this: Get Alteryx into the hands of these analysts and watch amazing things happen! They will finally get contemporary answers to the questions that drive their business, and for the first time they will be able to ask questions they never even thought of asking before – let alone answer them.
Today is the next step in that journey and I’d like you to come along – follow us on Twitter @alteryx, and if you have not yet tried Alteryx, do so today by downloading our trial www.alteryx.com/download and get ready to be inspired!
