Pentaho, creator of Open Source business intelligence (BI) suite, received $8M in VC funding
Pentaho, creator of an Open Source business intelligence (BI) suite, announced that it has received an additional $8M in funding in order to further fuel its accelerated growth. Existing investors New Enterprise Associates (NEA) and Index Ventures, funded the entire series B financing round.
Demand for the Pentaho BI project has grown from 5,000 downloads/month in August 2005 to more than 55,000/month in June 2006. These numbers show that there is clear demand from the marketplace for Pentaho Open Source BI solution.
A recent survey by Ventana Research has found that 43% of organizations are evaluating Open Source BI solutions and that another 40% are actually deploying Open Source BI solutions.
Industry surveys continue to rank Business Intelligence as one of the top five focus areas for IT investment. Leading research firm IDC is predicting that the BI market will grow by 10% to almost $6.5B in software spending in 2006.
Pentaho provides a full spectrum of open source Business Intelligence (BI) capabilities including reporting, analysis, dashboards, data mining, data integration, and a BI platform. Formed by a highly experienced team of industry veterans, Pentaho's mission is to bring innovative, high quality technology and professional support to the BI market. Pentaho uses a revolutionary approach to development, distribution and support made possible by an open source business model. Pentaho is the primary sponsor and owner of popular open source projects including Mondrian, JFreeReport, and Kettle, and Pentaho's technologies support a wide range of business initiatives from sales and profitability analysis, customer analysis, HR reporting, Financial reporting, KPI dashboards, Supply Chain analytics, and operational reporting.
For more information on Pentaho: Pentaho's web site is located at http://www.pentaho.org.