SaaS firm Cloud9 Analytics has raised $8 million in Series C. This round of investment was led by Mayfield Fund. InterWest Partners and Leapfrog Ventures also participated. Rajeev Batra of Mayfield will be joining the board of directors as a result of the funding. Full press release below:
REDWOOD CITY, Calif. – (Business Wire) Cloud9 Analytics:
Cloud9 Analytics, a leading provider of SaaS business analytics for line-of-business managers, today announced it has closed its Series C financing for $8 million. Cloud9 has defined the next generation of performance management solutions for the front office, focused on accelerating growth and automating day-to-day management processes for sales, marketing, service, support and others in the line of business. Instead of cost control that back office performance management solutions deliver, Cloud9 solutions deliver operational focus on improving revenue and business performance.
The investment was led by Mayfield Fund, with participation from existing investors InterWest Partners and Leapfrog Ventures.
Rajeev Batra of Mayfield Fund joins the Cloud9 Analytics Board of Directors.
A recent IDC Research report put today’s SaaS business analytics market at $1 billion, with a forecasted 22 percent CAGR for the next five years1.
The financing will be used to:
* Accelerate innovation on Cloud9 Pipeline Accelerator, Cloud9?s flagship service
* Build out Cloud9?s roadmap for performance management applications for the front office
* Extend the company?s unique cloud-based data management automation platform to enable third-party application development.
?This additional investment not only validates the market?s acceptance of Cloud9 solutions with more than 90 customers worldwide, it underscores the tremendous pent-up demand for performance management solutions that span the entire front office to maximize revenue and improve performance,? said Swayne Hill, President and CEO of Cloud9 Analytics. ?In the past, only Finance had purpose-built performance management applications. The burgeoning growth of CRM in the front office, however, has created a significant need for applications that help management plan their business, monitor performance, look for exceptions, and re-plan. That is the market opportunity Cloud9 seeks to fill.?
“Cloud9 has gained impressive market traction with its performance management applications built on a highly scalable and extensible platform,? said Rajeev Batra, Partner, Mayfield Fund. ?Besides Cloud9?s fundamentally disruptive technology, we are impressed by the team?s deep analytics domain expertise and vision for the market.?
About Cloud9 Analytics
Cloud9 Analytics is the global leader in SaaS performance management applications delivered directly to line-of-business managers. The Cloud9 Pipeline Accelerator Suite enables sales management and operations to more effectively manage their sales pipeline and forecast. The result is a dramatic increase in forecast accuracy, increased win rates and higher CRM adoption. Powered by patent-pending row-versioning database technology, Cloud9?s applications deliver value in just 24 hours and require zero installation, zero maintenance and zero IT support. Cloud9’s customers include Covad Communications, Data Domain, Siemens, Thermo-Fisher Scientific, and Thomson Reuters. The company is headquartered in Redwood City, California. For more information, please visit www.cloud9analytics.com
1 Worldwide Business Analytics Software as a Service 2009 ? 2013 Forecast, IDC #221320, December, 2009
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