Tidemark Secures $24 Million Series C Funding Led By Redpoint Ventures Accelerating Cloud Analytics
New funds to fuel Performance Management applications that enable enterprises to take action from Big Data Founding Partner of Redpoint Ventures Geoff Yang to join Board of Directors; Phil Wilmington named Executive Chairman
Tidemark, the next generation of Enterprise Performance Management (EPM) built for the cloud, today announced the company has closed $24 million in new venture financing. Redpoint Ventures led the round along with existing investors Greylock Partners, Andreessen Horowitz and Dave Duffield, co-founder and co-CEO of Workday, bringing the total amount raised to more than $35 million.
Geoff Yang, founding partner of Redpoint Ventures, will join the company’s Board of Directors and current director Phil Wilmington, has been named executive chairman of the company. Wilmington, the former co-president of PeopleSoft Inc. and CEO of OutlookSoft, Inc., will provide strategic guidance across the full spectrum of operational issues in sales, marketing, business development and partnerships.
The new funds will enable Tidemark to fuel its aggressive plans to target Fortune 1000 companies with analytic solutions that enable business people to make real-time data-driven decisions that are necessary in today’s volatile business environment. Enterprises are investing more than $20 billion yearly in traditional business intelligence systems that were not built for today’s data deluge and do not provide the forward-looking analysis that business people require today.
Tidemark offers the first suite of cloud, social and mobile powered EPM applications: metrics management, strategic, financial and operational planning, budgeting and forecasting, and profitability modeling. The Tidemark applications are built “mobile first” in recognition that today’s workforce is geographically dispersed, mobile and frequently working from a variety of devices. With real-time collaboration built into the applications, Tidemark enables the right people to discuss and take immediate action based a single version of data that is easy to use and can be configured by any business person.
Comments on the News
“The world’s largest enterprises are demanding an analytics solution truly built for the cloud. We’re seizing on this extraordinary market opportunity and we are excited to have Redpoint Ventures join our team through a shared vision and passion,” said Christian Gheorghe, founder and CEO of Tidemark. “With this capital, Tidemark will continue to expand its core technology, products and go-to-market capability to deliver innovation and customer success in analytics.”
“The next-generation of enterprise applications combine social, mobile, analytics and big data,” commented Geoff Yang, founding partner of Redpoint Ventures. “Tidemark is at the nexus of all of these trends and Redpoint is extremely pleased to make this investment. We look forward to a long-term successful relationship in helping to build the company.”
“The size of the opportunity for cloud-based analytics to replace legacy systems, the high caliber management team and the addition of Redpoint to our board of world class investors made this a simple decision for me”, said Phil Wilmington, executive chairman of Tidemark. “I look forward to providing operational expertise in scaling the business from all angles based on my experiences at OutlookSoft and PeopleSoft.”