Cumul.io, a Belgium-based- data that lets users build interactive dashboards using its embedded analytics tools, has raised €10M in a Series A round of funding to provide a low-code platform for data analysis with integration into other SaaS platforms or applications. The round was led by Hi Inov-Dentressangle, with participation from Axeleo Capital, LRM, and SmartFin.
Cumul.io says it will use the new cash infusion to further strengthen its global team of over 40 people with experienced specialists across all areas of the business. The recruiting drive will help ongoing expansion initiatives and adoption outside of Europe since more than a third of its income currently comes from North America.
The new funding will also position Cumul.io to dominate the embedded analytics market, which is projected to grow to $95.78 billion globally by 2026 at a CAGR of 14.2%. Cumul.io has raised a total of €q4.1M in funding over 4 rounds since its inception seven years ago.
Founded in 2015 by Haroen Vermylen, Karel Callens, and Thomas De Clerck, Cumul.io provides a building block for integrating white-labeled, interactive dashboards into any SaaS platform. Through its embedded analytics platform, users are able to build interactive dashboards with simple drag and drop and integrate them into their own SaaS platforms or applications in just a few lines of code.
In a statement, Cumul.io Co-Founder and CEO Karel Callens said: “In a world that is now almost entirely powered by technology, all businesses are becoming data-driven software companies. But in today’s highly competitive business environment where cost and time efficiency is critical, the data driving these companies need to be presented in a simple and understandable manner.”
Callens added: “Our low-code building block approach to analytics offers a simple, yet powerful way for any business user, regardless of technical skillset, to build highly engaging customer-facing dashboards. Cumul.io has been built from the ground up to redefine what confident decision-making looks like, and we believe our platform is ready for mass adoption.”
Wolfgang Krause, Managing Partner at Hi Inov-Dentressangle: “Businesses are accumulating more data than ever before, but the challenge is knowing what to do with it. Analytics transforms data into actionable insights, but approaches to building analytics centered around traditional Business Intelligence (BI) or home-grown solutions are resource-intensive and require specialist skills. Stripping away this complexity, Cumul.io’s user-friendly approach to embedding analytics is unseen in other solutions and is precisely where the B2B SaaS segment has been struggling.”
The startup currently serves over 240 SaaS companies worldwide including Dixa, FastSpring, WorkMarket, and Selligent, across 37 countries.
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- Source: https://techstartups.com/2023/01/18/cumul-io-raises-e10m-series-funding-low-code-platform-data-analytics/
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