Data analytics software company Phocas has announced a AU$45 million (US$34 million) capital raise, which positions it for rapid growth in the U.S. and UK. This marks a new chapter for the company and promises even more innovative data analytics solutions for enterprise customers.
Let’s look deeper into the details of the new capital raise and what it means for Phocas and their customers.
Overview of Phocas
Phocas is a global software and analytics company delivering real-time data insights and business intelligence in easy to use, highly visual applications. It has made it easier for users to understand large data sets and has become an invaluable asset for business operations worldwide. Founded in Australia, the company started its journey by empowering small enterprise customers spread across multiple regions. However, since then they have been gaining momentum at an international level, with over 865 customers across 50 countries worldwide.
In 2020, Phocas closed a $45 million funding round led by JMI Equity. This investment will further expand their presence in the US and UK markets and fuel their push towards AI-driven analytics solutions. In addition to expanding their customer base, Phocas plans to use the funds to accelerate product innovation through R&D and boost their international marketing efforts.
Summary of Funding Round
Data analytics software company Phocas has raised AU$45 million (US$34 million) in a series C funding round.
This significant capital raise will help to fuel the company’s rapid growth strategy in the U.S. and UK markets. In addition, the funds will be used to accelerate the development of its cloud-based software solutions and increase the reach of its customer base.
Further, the funds will be used to expand its sales and marketing teams in both countries.
Amount of capital raised
Australian business intelligence software firm Phocas has announced the successful completion of an AU$45 million investment. An undisclosed institutional investor led the round and was joined by existing investors Unica Ventures and Blackbird Ventures. This brings Phocas’ total funding to AU$75 million, demonstrating the company’s resilience throughout the pandemic.
The funding will enable Phocas to expand its operations in Europe and the United States by capitalising on rapidly growing demand for user-friendly BI solutions. This round is expected to precipitate a period of international expansion and further product innovation.
Garry Kingshott, CEO of Phocas, said, “We’re grateful for our investors’ ongoing support during this exciting stage in our growth. To have this quality of institutional investment alongside our long-term partners underlines their confidence in what we are achieving”.
Investors
Phocas, an Australia-based global provider of enterprise analytics software and Artificial Intelligence (AI) driven insights, has announced the close of its Series B funding round. The round saw the company raise AU$45 million in total, led by Queensland Investment Corporation (QIC), with support from other major investors including Blackbird Ventures, AirTree Ventures and Craft Ventures.
The funding will accelerate Phocas’ growth in the US and UK. Over the last 12 months, Phocas has seen a 25 percent quarter-on-quarter growth in IDX (Individually Disclosed Spend) bookings for its business intelligence service. The company is also investing heavily in creating an AI-powered insights platform that helps marketers make sense of their data faster and more accurately than ever before.
With this funding, Phocas wants to cement its position as an AI-driven enterprise analytics software leader. It plans to increase its R&D teams – both for development of its core products and AI innovation–and expand into more markets worldwide.
Impact on Phocas
The AU$45 million in funding will allow Phocas to accelerate U.S. and UK market expansion and build a stronger foundation for growth in both territories. This includes enhancing the platform’s ability to scale with larger customer needs, building customer success capabilities and developing the partnership infrastructure. In addition, the company plans to launch new SaaS applications for current business intelligence solutions that, combined with its cloud analytics platform, will enable customers to quickly access, analyse and visualise data from multiple sources including SAP HANA, Microsoft Dynamics and more.
The funding round also marks the appointment of M&A consultant Ravi Viswanathan as Vice President Of Strategy and Corporate Development alongside four strategic hires from Salesforce, Visa Inc., PwC Advisory Services LLC., and Ernst & Young LLP. These hires have extensive experience helping businesses achieve their full potential across go-to-market strategy, operations optimization and customer engagement.
This strategic investment provides Phocas with the necessary capital to drive rapid growth in the digital analytics arena while continuing to provide innovative solutions that empower companies to quickly gain valuable insights into their business performance through its interactive analytics platform. Working with various external partners including Microsoft, AWS, Tableau Software and Cloud Connectors lets customers turn data into actionable insights within minutes.
Data analytics software company Phocas positions for rapid growth in the U.S. and UK with AU$45 million (US$34 million) capital raise
Data analytics software company Phocas recently announced a successful AU$45 million (USD$34 million) capital raise, and is now well-positioned to rapidly expand its operations in both the U.S. and UK markets. This capital raise marks a significant milestone in the company’s growth and development, aiming to use its advanced data analytics solutions to enable better business decisions.
Let’s take a closer look at Phocas’ expansion plans.
Expansion into the U.S. and UK
Australian business intelligence software provider Phocas announced it has raised AU$45 million to fund its expansion into the U.S. and UK markets.
The company has experienced rapid growth since it was founded in 2019, achieving a five-fold revenue increase over the past year.Phocas CEO and co-founder, Andrew Verrall, said “We are excited to begin what will be an exciting period of investment for us.”
The expansion plans involve opening several new offices in the U.S. and increasing its presence in the UK market. In addition, the company plans to invest in infrastructure that will allow better customer support and training for local and international clients. Phocas also plans to invest in expanding its product portfolio with new solutions designed specifically for different markets such as retail, manufacturing, logistics and ecommerce businesses.
These new solutions are expected to help existing customers unlock more value from their data while accelerating the adoption of next-generation analytics for more organisations worldwide. By entering these global markets, Phocas aims to become one of Australia’s largest software companies, bringing innovative data solutions to more customers globally than ever before.
Hiring of new staff
To effectively carry out the expansion plans in the U.S. and UK, Phocas will hire new staff to ensure a smooth transition into these new markets. In addition, the company will focus on recruiting experienced personnel from both countries to take advantage of their respective customer base and market knowledge and gain insight into local trends.
Phocas is also looking for staff encompassing the business’s core values – overall customer satisfaction through exceptional quality and service – meaning that potential candidates need to hold themselves accountable when representing the Phocas brand and have an unwavering commitment to delivering excellent results, even under pressure.
The company is seeking positions such as: product specialists, software engineers, AI data scientists, marketers, sales professionals and office administrators. Each new hire must demonstrate Phocas’ preferred qualities: drive for innovation, passion for customer experience satisfaction and an undeniable enthusiasm for technology!
Benefits of Phocas
Data analytics software company Phocas recently raised AU$45 million (US$34 million) in capital to fuel its growth in the U.S. and UK markets. This funding positions Phocas as a leader in data analytics software and provides new opportunities for customers to leverage its technology.
This article will explore the potential benefits of using Phocas’ data analytics software.
Overview of data analytics software
Phocas is a leading provider of data analytics software for mid-sized businesses. It provides an intuitive and powerful tool for quickly drawing insights from data and deriving meaningful answers to strategic questions. The solution allows users to access their data from anywhere, visualise it in seconds, share actionable insights on any device, and communicate with their team in real-time.
The software combines the core functions of enterprise performance management (EPM), business intelligence (BI), data analysis and visualisation with customised lists, dashboards and reporting capabilities. Its broad range of functionality enables users to uncover new opportunities, drive smarter decisions and become more agile in their day-to-day operations.
Phocas provides value across the organisation by helping teams identify key trends, recognize performance bottlenecks, and make faster decisions. It streamlines the delivery of insights and makes them communicable across teams in ways that would otherwise not be possible. This allows businesses to quickly capture results that can inform strategies now – or how they will evolve – through deeper exploration of data trends, correlations, relationships and impactful actions.
Benefits of using Phocas
Phocas is an enterprise software company that provides purpose-built Business Intelligence (BI) and Analytics solutions to many public, private and non-profit organisations. Through their powerful tools, businesses can access the data they need to make decisions quickly, confidently and effectively.
Phocas provides a range of benefits for users, including:
- Increased visibility into data insights – with Phocas’ integrated analytics capabilities, users can quickly gain insight into their organisation’s performance. Deployed analytics enable teams to quickly detect key trends affecting their customers and align strategic initiatives accordingly.
- Quick access to insights – using Phocas users can easily explore any data that is important to them. With the help of powerful analytics they can then be presented with visual or interactive dashboards in just a few clicks, saving time previously spent manually searching through reports or data sets.
- Easy integration with existing systems – Phocas integrates easily with enterprise systems such as ERP or CRM platforms. This allows users to instantly import large volumes of data while maintaining secure access levels between different teams.
- Centralize reporting capabilities – Phocas enables organisations to centrally manage all reporting activities across departments, functions and locations in one place; simplifying processes and reducing cost as staff are no longer required to manually generate reports.
- Accessibility from anywhere – all data is securely stored in the cloud enabling seamless collaboration between remote workers. Data can be accessed from any device without complex configuration setups or extra hardware installations; providing a more efficient working structure for distributed teams worldwide.
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