Cumul.io, developer of a low-code business intelligence platform, has announced it raised $10.8 million in a Series A funding round.
The company’s BI platform focuses on embedded analytics for SaaS applications. Traditional BI tools use static data that is often dated by the time it is used, while embedded analytics tools provide near real-time data analysis and reporting. The Cumul.io platform has a low code, drag-and-drop interface with visual dashboards that allow product managers and customer success teams to build and access analytics workflows embedded directly within their applications.
Cumul.io has raised over $14 million to date. The company is headquartered in Leuven, Belgium, with offices in New York and Belgian city Genk. The Series A financing will be used to further augment Cumul.io’s global team of business specialists with a recruitment drive aimed at supporting growth in international markets beyond Europe, according to a statement. The company also plans to make improvements to its platform regarding increased analytical power, ease of use, and scalability.
Wolfgang Krause, a managing partner at Hi Inov-Dentressangle, said: “Businesses are accumulating more data than ever before, but the challenge is knowing what to do with it. Analytics transforms data into actionable insights but approaches to building analytics centered around traditional BI or home-grown solutions are resource-intensive and require specialist skills. Stripping away this complexity, Cumul.io’s user-friendly approach to embedding analytics in software platforms, web apps, or public websites is unseen in other solutions and is precisely where the B2B SaaS segment has been struggling.”
The global embedded analytics market is forecast to reach $104.71 billion by 2027, according to a Research and Markets report. Another recent report by Nucleus Research noted that this market has taken off as organizations look to empower internal departments with analytics embedded in applications already in use while differentiating their products and elevating the customer experience.
“In a world that is now almost entirely powered by technology, all businesses are becoming data-driven software companies. But in today’s highly competitive business environment, where cost and time efficiency are critical, the data driving these companies needs to be presented in a simple and understandable manner,” explained Karel Callens, CEO and co-founder, Cumul.io. “Our low-code building block approach to analytics offers a simple, yet powerful way for any business user, regardless of technical skillset, to create highly engaging customer-facing dashboards. Cumul.io has been built from the ground up to redefine what confident decision-making looks like, and we believe our platform is ready for mass adoption.”