Israeli startup Oribi announced on Wednesday that it has raised $5.4 million. The product that Oribi is developing helps companies reach a more targeted audience and acquire new customers. Among the investment funds that participated in the financing round were both Sequoia Capital and TLV Partners.
Allow companies of any size to enjoy the business intelligence tools of big companies
The main problem with BI and analytics products is the technological intricacy in collecting information and reaching conclusions based on a typical BI database.
Existing tools are based on saving information to databases or implementing code in the website that monitors every action. A development team must constantly maintain these tools to get the information, which leads to the product and marketing departments to not be able to access the data themselves.
Oribi is developing an analytics system that is specialized for product and marketing individuals and can automatically identify the main action the user does on the website or while using the product. It also allows users to extract complex information visually.
The goal is to enable companies of any size to enjoy the same calibre of data that is usually only available to enterprises with advanced BI tools. The first version of the product is scheduled to be released in the near future. Oribi released a Beta version four months ago and 2,500 companies are already using the product.
Oribi was founded in October 2015 by Iris Shoor, a serial entrepreneur who founded Takipi and Visual Tao, which was acquired by AutoDesk in 2009. The current financing round of $5.4 million is the company’s first and it was done with the participation of Sequoia Capital, TLV Partners and the investor Zohar Gilon. The latest investment in Oribi is the third joint investment by Haim Sadger from Sequoia Capital and Rona Negev from TLV Partners, following two successful exits. Oribi’s offices are located in Tel Aviv and the company is currently recruiting its initial team, which will include a product development division.
Commenting on the financing round, Shoor told Geektime, ” It was critical for me to know that there was a real demand for our product and that we know how to reach our potential customers before we raise the funds.” Shoor then added, “It’s incredible in my eyes that most companies today cannot answer the most significant questions in regards to their success, such as what makes customers come back to our product? What are the usage levels of the new feature we implemented? What will be the implications of changing our website layout?”
She stated, “Our target is to allow them to ask these significant questions simply and without the support of a development team.”
According to Shoor, she was inspired by companies such as ZenPayroll, Stripe, and Slack. Those companies may have ventured into markets that are full of competitors but they have become the leaders in their field and amassed users just because they presented a simple technological approach and have created a simple product.
Shoor said, “The amount of data that is collected worldwide is growing on an annual basis. In addition, the importance of decision making based on data and numbers is growing exponentially as well. However, there was no change in the perception by the world of analytics for many years. We believe that Oribi could lead to a revolution in this field.”
Haim Sadger for Sequoia Capital noted that, “We worked with Iris on her first startup that she founded and we are very pleased to be working with her again.” According to him, “She brings a very unique set of capabilities and I have no doubt that she is on her way to build a significant company.”