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Domo Raises $20m in Extra Funding
In the US, Omniture founder Josh James's business intelligence startup Domo has raised $20m in funding from Institutional Venture Partners (IVP). This brings total investment in the new company to $63m.
The company which was launched in summer last year plans to 'redefine the business intelligence (BI) market and transform the way business is managed.' James sold Omniture to Adobe for $1.8bn in October 2009.
IVP had previously invested in Omniture and on the company's web site today, James is quoted as saying: 'While we weren't in the market for additional funding, the capital from a trusted and experienced partner such as IVP made a lot of sense... This move fills the coffers and enables us to stay focused on execution. It also provides flexibility as we build out our sales organization and position the company to take advantage of strategic growth opportunities.'
Todd Chaffee, General Partner, IVP added: 'At IVP, we look for dynamic management teams that are addressing high-growth markets. Josh is an extraordinarily talented, world-class entrepreneur. We know he has the experience to build Domo into a disruptive and dominant player in a growing $10 billion market.' Among other investors in the company are Benchmark Capital, Andreessen Horowitz, Ron Conway and David Lee of SV Angel and Hummer Winblad.
The company has been 'testing the market through an early adopter program' and says it believes it has 'tapped into a major pain point for CEOs and other executives.'
Domo is headquartered in Lindon, UT. And can be found online at: www.domo.com .
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