Web-based business intelligence software developer LogiXML will use a $10 million equity investment to accelerate the company's growth and expand its share of the business intelligence and analytics software market.
The investment round in LogiXML was led by venture capital firm Summit Partners. Grotech Ventures, already an investor in LogiXML, also participated in the funding round.
LogiXML markets a lightweight business intelligence toolset that can be used to quickly develop BI applications, reports and dashboards, and embed business analytics and data visualizations into new or existing operational applications – both on-premise and cloud-based systems.
Building such capabilities into everyday applications such as CRM or marketing software, as opposed to using complex, standalone business intelligence systems, is seen by some as the future of BI and the way to make it available to a wider range of users.
"We are seeing more and more companies embed BI directly into their applications in order to get actionable data into the hands of business users quickly," said Michael Medici, a vice president of Summit Partners, in a statement explaining the firm's investment. The $10 million will help LogiXML "continue to take advantage of this embedded BI trend and position the company for continued rapid growth."
LogiXML, based in McLean, Va., was founded in 2000. The company works with a range of channel partners, including resellers, systems integrators and ISVs, through its reseller partner and affiliate partner programs.
