Arik Hesseldahl

Recent Posts by Arik Hesseldahl

Josh James’s Domo Raises $60 Million Series B From GGV, Greylock, Others

Domo, the business intelligence startup founded by Josh James, the former CEO of Omniture, just announced that it has raised a $60 million series B round of venture capital funding.

The round brings Domo’s total capital raised to a whopping $125 million and change.

The round’s participants reads like a phone book of venture capital firms, which has sort of been the case since James first started raising money two years ago, and then just kept on doing it. Investors this time around include GGV Capital, Greylock Partners, Bezos Expeditions and Workday co-CEOs Aneel Bhusri and David Duffield, Founders Fund and Mercato Partners.

Prior investors IVP and Sorenson Capital’s Fraser Bullock also participated, as did a student-run venture fund at Brigham Young University called Cougar Capital. Bhusri and GGV partner, Glenn Solomon, will become observers on Domo’s board.

Domo is the cloud-based service that’s aimed at providing companies with some value from all the data they collect in the course of their day-to-day operations. It’s a competitive business for sure. IBM is a big player in business analytics; traditional business software players like Oracle and SAP have their own offerings that were originally on premise, but which have been moving to mixed-cloud environments in recent months.

Then there’s the newer players like GoodData — which itself has raised no small amount of money — and Domo, which are looking to move those applications to the cloud using live data rather than reports using information that’s days or weeks old. Domo is also having a big year and recently said it has landed 100 paying customers after selling its product for about six months.

In May of 2011, Kara Swisher interviewed James about his already impressive ability to raise money. In light of today’s news, it’s worth watching again.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work