Open source start up Pentaho Corp grabbed $8m in venture funding to drive development of its rapidly evolving business intelligence suite.
New Enterprise Associates and Index Ventures were the investors. Both venture firms seem to be targeting open source start-ups. They have also recently invested in SugarCRM, MySQL, Zend, and Trolltech.
This is Pentaho’s second round of funding. In December 2005 it secured $5m in a series A round.
Richard Daley, CEO of Pentaho, said the additional capital will help the company to accelerate its development roadmap.
We’re looking forward to stepping up the pace.
Orlando, Florida-based Pentaho recently upgraded its modular BI suite which brings together OLAP (Mondrian), reporting (JFreeReport), ETL (Kettle), data mining an workflow open source projects. Pentaho has effectively productized these projects as an integrated BI platform.
Pentaho is starting gain momentum in what is still a nascent open source BI market. The company claims a total of 55,000 downloads for its BI project code in June.
The success behind the Pentaho BI project is an indication and validation that open source BI is being seriously considered and implemented, said Vladimir Jacimovic, a partner at New Enterprise Associates.
A recent market study by Ventana Research shows that over 40% of organizations are either evaluating or deploying open source BI software today.
Cendant company Galileo has already developed a portal-based BI extranet application on for the travel agent sector called myacount.galileo.com that is built on Pentaho BI software and the open source MySQL database. The application was launched in June.