Even with specialized data analytics teams, many firms find it difficult to achieve the aim of becoming data-driven. Less than half of data and analytics leaders think their teams successfully add value to their companies, according to a recent Gartner survey.
German computer scientist Michael Berthold, a former professor at the University of Konstanz, became aware of this problem while providing consultancy services to companies looking to implement data analytics. These businesses frequently stated that they needed a platform to effectively handle and evaluate their data, Berhold explains in an interview with Techcrunch. Together with his associates, he set out to develop such a solution in response.
Without concentrating on any one particular application area, their goal was to create a highly scalable, open, modular platform for data processing that makes it simple to integrate different modules for data loading, processing, transformation, analysis, and visual exploration. Professional-grade software was intended to be used as an integration platform for various data analysis tasks.
KNIME, an open-source platform that eventually developed into a venture-backed firm, was the end product. Berthold was joined in this attempt by co-founders Bernd Wiswedel and Thomas Gabriel.
Currently, KNIME has 400 clients, including the FDA, P&G, Mercedes-Benz, Lilly, Novartis, Sanofi, Audi, and Genentech, among other well-known companies. Since its establishment in 2008, KNIME has had annual growth in recurring revenue of 30–40%, bringing its total to over €30 million (~$32.35 million).
The software developed by KNIME is structured around visual, no-code workflows that can be integrated with the current systems of an organization. No matter where the datasets are located, users may compare them, design pipelines for data transformation, and generate reports and visualizations. Businesses can automate and implement data workflows with extra governance and security elements using KNIME's business center. In addition, the construction and exchange of internal workflow libraries and the availability of workflows created by the larger KNIME community are made possible by this hub.
Even though KNIME's services are expensive—annual business hub licenses start at $39,900—customers feel the investment to be beneficial, and the company is garnering a lot of interest from investors. KNIME reported this week that Invus has contributed $30 million, increasing the company's total capital to $50 million. The money will go toward product development, hiring more people by the end of the year to bring the total number up to 275, and improving client acquisition efforts in the United States, Europe, the Middle East, and Africa.
In order to maintain its competitive edge over competitors like Dataiku, Alteryx, IBM, and SAS, KNIME provides distinctive features including an AI assistant that assists customers in initiating or improving data projects. Additionally, KNIME intends to increase the scope of its software-as-a-service portfolio, focusing on flexible pay-as-you-go tiers for small and medium-sized enterprises.
KNIME has seen growth in the use of its open-source analytics platform in spite of a slowdown in the tech industry that has been characterized by lengthier sales cycles and more difficult negotiations. This has helped the company position itself for the future. The extra funding will help KNIME maintain its growth-oriented strategy in the upcoming years.
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