Software-as-a-Service startup GoodData has raised a $15 million Series B funding round for its cloud-based business intelligence product. Andreessen Horowitz led the round, along with other existing investors General Catalyst Partners, Fidelity Growth Partners and Windcrest Partners. GoodData has now raised $28.5 million overall.
GoodData’s SaaS application provides business intelligence as a service across companies’ applications. It also provides custom analytics for almost 20 popular cloud services, including Salesforce.com, Get Satisfaction, Facebook and Twilio. Founder and CEO Roman Stanek said GoodData will use the new funding to help grow this number closer to 50, as well as to step up the company’s sales efforts and generally improve the service’s features.
Andreessen Horowitz’s John O’Farrell said GoodData sits nicely at the intersection of two lucrative spaces — cloud computing and business intelligence. “[I]t would be hard to find a tech investor in this space that isn’t [a big believer in the cloud],” he explained, and business intelligence is already a huge market.
Given that business intelligence spending is currently somewhere between $20 billion and $25 billion annually, O’Farrell said there’s a huge opportunity for cloud-based business intelligence solutions that eliminate the need for expensive hardware, software and support. Cutting out some of those expenses, he predicts that business intelligence could be a $15 billion market annually, and he thinks GoodData is positioned to take a big chunk of that pie.
Other cloud-based business intelligence services on the market include Birst, Bime and even SAP’s BusinessObjects OnDemand. In addition to the funding, Andreessen Horowitz’s O’Farrell has joined GoodData’s board, as has Google Enterprise President Dave Girouard.