A Series-A round of funding totaling €10 million ($10.8 million) has been secured by Cumul.io, a low-code BI (business intelligence) analytics platform for SaaS businesses.
Cumul.io, a 2015 startup based in Belgium, competes with well-known BI incumbents like Tableau and Looker in the same market but distinguishes itself by specializing in providing embedded analytics for SaaS apps.
Karel Callens (CEO & Co-founder, Cumul.io) said to TechCrunch “More and more users of SaaS products or software platforms expect insights and data to be made available directly inside their core apps, as a native component. SaaS companies are looking for solutions that can be rolled out and marketed quickly, are easy to use, and can be scaled and adapted with minimal effort to keep costs low.”
With Cumul.io, its clients are venture-backed SaaS scale-ups like Dixa can connect to virtually any data source, drag and drop particular features to build their dashboards, and then copy and paste a code into their application for end users.
While Looker and Tableau are undoubtedly comparable to Cumul.io in terms of the industry in which they compete, Callens believes that Cumul.io’s most direct rivals are engineering teams who have aversion to 3rd party embedded analytics providers and instead choose to piece together their own solution.
Callen further added, “Many product and engineering teams still have the misconception that using an embedded analytics vendor will limit their flexibility, compared to building it out on their own. There’s still a lot of education involved on how powerful and flexible low-code tools nowadays can be.”
Prior to this, Cumul.io had secured capital of about €3.1 million ($3.4 million), and with the addition of new funds, the business announced plans to increase its staff at offices in Belgium, Leuven, and Genk, as well as its hub in New York. In fact, the corporation claimed that the North American market already accounts for more than 3rd of its overall sales.
In Cumul.io’s Series A round, Hi Inov-Dentressangle, an early-stage venture capital firm based in France, served as the lead investor. Axeleo Capital, LRM, and SmartFin also took part.