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Omniture Founders Lands Another $20 million for Domo
February 1, 2012 | View the original source
Just a few months after lining up $33 million in funding for his enterprise-software start-up Domo, Omniture founder Josh James has raised another $20 million, this time from Institutional Venture Partners.
“This is a pretty straightforward investment thesis,” said IVP general partner Todd Chaffee. “It’s called Josh James.” Chaffee invested in web-analytics business Omniture, which James sold to Adobe Systems for $1.8 billion in 2009, so he is familiar with James’s drive.
James’s new company, Domo, offers business analytics that can handle large amounts of data across different types of platforms. He’s selling it as a service, meaning companies can skip hefty up-front licensing fees in favor of pay-as-you go plans.
Although Domo is landing cash at a clip that brings to mind consumer-Internet plays, it likely won’t ramp as quickly as many companies in that sector, said Chaffee. “This is an enterprise business,” he said. “Over a five or ten-year timeframe it’s going to grow to a very significant businesss.”
IVP’s investment in Lindon, Utah-based Domo came as add-on to the existing Series A funding rather than as part of a new, pricier round. Existing investors include Benchmark Capital, Andreessen Horowitz and SV Angel.