Tidemark raises US$13 million for its cloud-based analytics services

By IVCPOST Staff Reporter

Aug 02, 2013 05:05 AM EDT

On Thursday, Tidemark announced that it raised US$13 million for its analytics services that were cloud-based. The amount was expected to boost the startup's move to challenge business titans in a fast-growing sector of enterprise technology.

Tenaya Capital was the head of the investment round. Andreessen Horowitz, Greylock Partners and Redpoint Ventures also invested in Tidemark. Tidemark was able to accumulate a total of US$48 million.

The Redwood City, California-headquartered corporation currently vies against Hyperion of Oracle Corp. and SAP. Tidemark allowed businesses to analyze their records on a cloud-based basis through remote computers instead of a client's own computing infrastructure. Generally, cloud computing could offer more flexible fees and it could also avoid the huge upfront costs that legacy players would normally charge.

Tidemark was led by Christian Gheorghe, a former SAP executive. The company grew since clients wanted more speed and other services than what the traditional vendors could offer.

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