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Josh James' Startup gets $20m in New Funding
February 1, 2012 | View the original source
The Lindon-based business intelligence start-up Domo Inc. has secured a new $20 million round of funding.
The capital from California-based Institutional Venture Partners brings total investment in the Utah company to $63 million.
Domo was founded by Josh James, the cofounder of Omniture, the Web analytics company that was sold to Adobe Systems Inc. in 2009 for $1.8 billion.
James left Adobe and founded Domo, which provides data instantly to companies through an online dashboard using a software-as-a-service model.
“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,” James, the chairman and CEO of Domo, said in a statement.
“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.”
Institutional Venture Partners had previously invested in Omniture.
“At IVP, we look for dynamic management teams that are addressing high-growth markets,” said Todd Chaffee, a general partner at the venture capital firm. “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.”
In addition to Omniture, IVP said it has backed companies such as Concur, Dropbox, LivingSocial, Shazam, Twitter and Zynga.
Among others who have invested in Domo are Benchmark Capital, Andreessen Horowitz, Ron Conway and David Lee of SV Angel and Hummer Winblad.
Domo announced its initial Series A funding of $43 million in July 2011.
The company also said in the next few months it plans to reveal names of large global customers and details behind its products and strategy.
“We’ve been testing the market through an early adopter program, and the overwhelming response signals that we’ve tapped into a major pain point for CEOs and other executives,” James said.
He said the company has a two-month waiting list for its beta product.
Source: The Salt Lake Tribune