Swiss data science company KNIME, which offers open source solutions, announced an investment of €20 million from the equity investor INVUS.
KNIME's philosophy is that opening up previously closed or exclusive platforms, processes, tools, and organizational boundaries, as well as idea sourcing, can speed up innovation while reducing risk. This is the basis behind their software development approach, and behind its relationship with others in the analytics community.
The company offers data analytics solutions across several sectors including social media, finance, and retail. Its users can be found in large-scale enterprises in over 50 countries and across a wide range of industries including life sciences, financial services, publishers, manufacturers, consulting firms, government and research.
“We see KNIME as a company with a real competitive advantage and a vision for expanding on it,” said Mario Kaloustian and Wassim Sacre, managing directors at INVUS and board members of KNIME, in a statement. “That, combined with passionate founders who care about growing the business long-term, an enthusiastic user community and an excellent platform, adds up to a clear opportunity.”
Despite interest from other VCs, the company reports that it was attracted to INVUS because it was important to work with a partner that would not change the company's focus or open source philosophy.
“We’re excited to have an investor that truly understands open source and recognizes the potential for expanding across the enterprise,” said CEO Michael Berthold in a statement. “Even though KNIME was already profitable and is growing strongly, we see a huge window of opportunity for our open source strategy combined with our vision of bringing Guided Analytics to the large group of users who have not been able to benefit from using advanced analytics to date.”
“Invus is a perfect match for KNIME: they have a reputation for long-term involvement and have pledged to empower the KNIME management team. They also understand and support our open source model for bringing advanced analytics to many users,” added Berthold. “This will in no way change our dedication to open source or our relationships with our customers while enhancing our ability to help organizations tap into the benefits of advanced analytics.”
Read more: KNIME (Press release)