Periscope Data, the industry’s first data analysis platform designed specifically for data scientists, announced today it has secured $25 million in Series B funding. Bessemer Venture Partners led the round, with participation from existing investors including Draper Fisher Jurvetson, Susa Ventures, Innovation Endeavors, and AngelPad. Ethan Kurzweil, partner at BVP, will join the company’s board of directors.
In response to its rapid growth in 2015, Periscope Data will use the investment to attract new talent and expertise to expand its capabilities and focus on new markets.
“Data science has become a core facet of doing business in the Digital Age, and our offering exponentially increases the speed and impact of data analysis,” said Harry Glaser, cofounder and CEO of Periscope Data. “Organizations need to discover actionable information and act on it faster than ever before. Periscope Data is well positioned as the industry standard for data analysis and visualization for companies large and small.”
Nearly every business relies on data science, but data sets have gotten so large that the ability to quickly make sense of critical business data has become a barrier for companies making important day-to-day decisions. With Periscope Data’s platform, data scientists no longer have to wait hours for complex analyses to complete, and are able to quickly investigate critical business issues and recommend strategic changes with unmatched speed and performance.
With more than 600 customers, including Salesforce, Apigee, New Relic, SurveyMonkey and ProductHunt, Periscope Data has seen revenue grow 5x and its customer base grow 3x in the past year, with over 85% of customers using the product every day, a percentage that is climbing over time.
“The data within the enterprise has always been highly valued, but organizations have struggled to access and share critical information,” said Ethan Kurzweil, partner at Bessemer. “Today, enterprises that invest in data and empower their data teams with the best platforms have an important strategic advantage over their competition. We invested because Periscope Data helps data scientists do their jobs better and are now empowered to help their organizations win.”
The Series B round of funding follows a $9.5 million Series A round in 2015 led by DFJ.