Irvine-based analytics software maker Alteryx Inc. raised $85 million in a venture capital round led by Iconiq Capital in San Francisco and prior backer Insight Venture Partners in New York. Palo Alto-based Meritech Capital Partners also participated.
Alteryx will use the proceeds to boost sales and marketing efforts in the U.S. and internationally, expand its data analytics development team, and add employees locally and in offices in Chicago, Dallas, San Mateo, Colorado, Australia and the U.K.
“We see this an opportunity to go at the land grab for analytics,” said Chief Executive Dean Stoecker. “Data analytics is not a North American phenomenon; it’s a global phenomenon.”
The segment is one of the hottest tech sectors primed for growth in the coming years. U.K.-based Pringle & Co. forecasts the business intelligence and software services segment will hit $143 billion by next year, up from $76 billion in 2012.
Alteryx in the past year doubled its customer base to approximately 1,000 companies, which pay a subscription fee for its analytics software to integrate data, monetize content, forecast sales, map out retail expansion plans, and compare sales and product placement, among other features.
