Sisense, whose technology enables non-technical people in businesses to connect multiple data sources and prepare professional reports, said Thursday it raised $50 million in one of the biggest fundraisings ever by an Israeli startup.
Bessemer Venture Partners, the U.S. venture capital; fund, led the round, joined by existing investors – Israel’s Genesis Capital partners and the American investors Opus Capital, Battery Ventures and DFJ Growth.
Of the $50 million, $10 million will be going to buying shares of existing investors, TheMarker has learned. The rest will go to for further development of the Tel Aviv-based company’s In-Chip and Single Stack products and to expand global marketing. Sisense will hire 100 people, half in Israel, and open an office in the U.K.
“We expect Sisense’s momentum to accelerate and believe the company will capture a sizable chunk of the $33 billion big data and business analytics opportunity,” Bessemer partner Bob Goodman said.
The giant fundraising marks a strong start to 2016 for Israel’s high-tech startups after what was probably a record year in 2015. In the first nine months of 2015, the latest period for which figures are available, 506 Israeli high-tech companies raised $3.2 billion, nearly equal to the entire 2014’s record total.
Sisense was formed in 2004 by Eldad Farkash, who is chief technology officer; Guy Boyangu, who is now chief architect; Adi Azaria, who holds the title chief evangelist; and Aviad Harell, who is vice president for solution engineering. The startup got off to a slow start, as a give-person operation in Netanya financed by Eldad Farkash’s father Eli
It raised its first $4 million of outside capital from Genesis and its first product, Prisim, reached the market in 2010. Sisense said its revenue had doubled every year for the past five years and counts U.S. retailer Target and the Korean electronics giant Samsung among its customers.
The company now employs 175 people, 100 of them in Israel. Sisense didn’t say how much the company was valued out in the fundraising round, but sources estimated it was $300 million before the money.