Domo snaps up $20M for accessing business data fast

The business intelligence SaaS company attracts $63M for data service in 8 months of existence

Business software-as-a-service company, Domo, announced Wednesday a $20 million Series A round of funding led by Institutional Venture Partners, bringing the company's total amount raised to $63 million.  

The Lindon, Utah-based company, launched by Omniture co-founder Josh James, focuses on an executive management platform for business intelligence in order to help managers and executives  access data without IT.

Often, business information is cordoned off into various silos across a company network (from the cloud, spreadsheets and various reports), but Domo has created products that allow executives to easily search across all information, no matter where it is stored.

“This move fills the coffers and enables us to stay focused on execution," James said, in a statement. "It also provides flexibility as we build out our sales organization and position the company to take advantage of strategic growth opportunities.”

With more companies paying for new services such as the cloud and data centers, it is key that companies assure that their members are able to easily locate and access information wherever it lives. 

Using the Domo Executive Management Platform, the service backend sits on top of and connects into any existing system where data lives, including those for customer relationship management, enterprise resource planning, human resources and financials, as well as any data repository or current reporting system.

Domo then delivers real-time intelligence across any device, including mobile platforms such as the iPhone or iPad. 

A Domo represenative spoke with me about just how much traction the company is getting even during this closed beta and how the services they are offering overlap across the information management that is seen with IBM and SAP products and well as data analytic business, "creating a whole new type of indutry to compliment existing services enterprises have."

Domo's executive management platform can be deployed in your organization in three ways: as a SaaS solution over the Web, as a managed service behind your firewall, or through various delivery partners.

IVP's General Partner, Todd Chaffee stated that business information is a $10 billion market. In addition to Omniture and Domo, IVP has backed several Internet leaders, such as Concur, Dropbox, LivingSocial, Shazam, Twitter and Zynga.

Domo announced its Series A closing of $43 million in July 2011, the same month that the company officially launched. 

Since the company is in closed beta, they are not releasing the name of their clients or the verticles, but will be announcing some of that information when it launches in full force.

“We’ve been testing the market through an early adopter program and the overwhelming response signals that we’ve tapped into a major pain point for CEOs and other executives," James added, in a statement. "Today, we can’t install customers fast enough. We are scheduling customers weeks out and have a two-month waiting list for our beta product. We’re leaning in even more aggressively to this opportunity.”

Domo’s founding team included former executives from Amazon, American Express, Ancestry.com, eBay, Endeca, Facebook, Google, Linkedin, MLB.com, Omniture, and Salesforce.com.

(Image Source: Delves.co.uk)