BI Firm Phocas Raises $45m for Data Analytics Products

Sydney, Australia-based business intelligence software firm Phocas has raised $45m in its second round of funding, which it will use to further develop data analytics products including its new budgeting, forecasting and planning tool.

Phocas also has offices in Orange (NSW) and Melbourne, as well as in the US, UK and New Zealand. The firm provides cloud-based subscription data analytics software for manufacturers, distributors and retailers, to improve the running of their businesses. According to the firm, its flagship analytics product competes against tech giant Microsoft's Power BI, as well as Tableau and DOMO.

New funding was led by Ellerston Capital, with participation from existing investor OneVentures, which put $7m into Phocas in 2018. Phocas co-founder Myles Glashier (pictured) told The Australian Financial Review: 'We've had very little outside investment [until now]. We've been around for twenty years and we like the idea of being around for another twenty, and twenty. We felt like now was the time more than ever to take some outside investment to enable the business to be around for that period of time, to accelerate growth and get some more market share and also to broaden our product suite'.

Web site: www.phocassoftware.com .