NEWS1 February 2012

Omniture founder’s new BI business bags $20m funding

Financials Technology

US— Omniture co-founder Josh James has secured $20m in funding for his new venture, Domo, which supplies SaaS (software as a service) business intelligence systems.

The investment from Institutional Venture Partners – which was also one of Omniture’s backers – brings the total Domo has raised to $63m, including $33m from Benchmark Capital.

Domo claims “business intelligence is broken” and aims to make information more accessible and actionable for managers.

James (pictured) left Omniture in 2010 after selling it to Adobe for $1.8bn, and bought out business data dashboard software producer Corda Technologies earlier this year, which served as the platform on which to build Domo.

Its first product release is an executive management platform that “sits on top and connects” with existing data streams such as customer relationship management, enterprise resource planning and financial systems, as well as any proprietary technology, the company says. From there, the platform delivers real-time intelligence from all those sources into one browser-based view.

James said the new funding “fills the coffers and enables us to stay focused on execution. It also provides flexibility as we build out or sales organisation and position the company to take advantage of strategic growth opportunities”.