Adaptive Planning, a cloud-based corporate performance management company, announced Wednesday that it has raised $22 million in its latest round of funding. This latest round of funding included investments from Norwest Venture Partners, Cardinal Venture Capital, Clairmont Capital, Monitor Ventures, and ONSET Ventures. This brings the total funding raised by Adaptive Planning to near $40 million.
Adaptive Planning works with companies and nonprofits of al sizes to help track which decisions were a helped the company and which ones shouldn't be repeated.
The company, founded in 2003, started its business by offering software for companies to plan and report business performance, then, when cloud computing took off, Adaptive Planning created a SaaS product with dashboards and analytics to better manage solutions in the cloud.
Adaptive Planning specializes in making its cloud enterprise services easy to use, and claims it takes only four hours to train an admin user and just 30 minutes to train the end-user.
The visual data center for the company is a competitor with Excel’s business, focusing on more visual representation on the changing business rather than depending on traditional spreadsheets.
The new funding will go toward scaling the direct sales and partner channels worldwide as well as deliver a broad set of new performance management capabilities.
The company’s competitors include SAP, Oracle and Host Analytics in tracking business productive and process.
Adaptive Plannig has grown 1,240% since last year, according to a company representative I spoke with.
And the company focus is to offer a resource that allows businesses to easily compile, display and monitor data from multiple systems and lines of business with highly visual, interactive dashboards and scorecards.
These visualization capabilities allow managers to visualize and interact with data from across the company.
In the coming year, Adaptive will be investing in sales and marketing, product development, and new channels and markets as well as hiring across all organizations in the company, and expanding internationally.
The Mountain View, Calif.-based company has more than 50 employees and serves 27,000 users in over 1,200 organizations globally.
Also as part of the funding, Sergio Monsalve, Partner at Norwest Venture Partners, will be joining Adaptive Planning’s board of directors.