Omniture Co-Founder Launches New Business Intelligence Venture
New software-as-a-service (SaaS) business intelligence venture launches with $43 million in funding.
Omniture co-founder and former CEO Josh James has launched a new software-as-a-service (SaaS) venture, Domo. Domo claims to deliver a new form of business intelligence designed to transform the way executives manage their business, and based on the company's substantial funding so far, its investors are believers.
Domo is form of business intelligence (BI) that the company likens to an executive management platform – delivered as a service – to managers and executives to transform the way they run their businesses. The service is designed to provide direct access to intelligence without any IT involvement. Currently an early adopter program is available.
"Today it's game on for Domo," said James. "We are thrilled to introduce our brand to the world and we couldn't be more pleased to have the experience of this board behind us. Domo's board members, investors and angel investors have served as leaders and advisors to some of the world's largest internet and SaaS companies. As Domo seeks to redefine BI and build a billion-dollar business, their collective insights will allow us to accelerate on the delivery of our plan."
Domo's board of directors includes Matt Cohler of Benchmark Capital, who was the fifth Facebook employee and a member of LinkedIn's founding team, and John Thompson of Symantec and Virtual Instruments, among others.
In officially launching the company, Domo also announced that it has secured $43 million in funding with the closing of $33 million from Benchmark Capital in a Series A round. Benchmark has backed companies such as eBay, Twitter and MySQL.
The money will be used to help Domo rapidly advance its SaaS-based solution designed to drive value from the tens of billions of dollars that have been spent on traditional business intelligence systems, said Domo.
In other corporate business intelligence news, Jaspersoft has announced that the company has received $11 million of new capital financing, led by existing investors Red Hat and SAP Ventures. The company said this builds upon Jaspersoft's record year in 2010 and provides fuel for the company's aggressive product roadmap, global expansion, and potential strategic acquisitions.