Pyramid Analytics Chief Executive Officer Omri Kohl speaks with Ian King of Sky News about decision intelligence, Pyramid Analytics, the Pyramid Decision Intelligence Platform, Pyramid’s recent Series E funding round of $120 million, and how data-driven decision-making is remaking how enterprise organizations operate.
Ian: Not all of us are familiar with AI, or artificial intelligence, algorithms that can perform tasks traditionally only humans could do. Fewer people know about DI, or decision intelligence, a commercial application of AI, and specifically that decision-making and helping specific businesses tackle specific needs with specific solutions. Well, Pyramid Analytics is a decision intelligence platform, and today, it has closed a $120 million Series E funding round, bringing its total funding to just under $200 million. Well, joining me now I Omri Kohl. He is the Chief Executive of Pyramid Analytics. So, Omri, welcome to you. How are you going to be deploying this capital?
Omri: Thank you, Ian, and great being here. You know, we’ve been experiencing rapid growth in the last couple of years, and the funding is purely to double down on those success areas, mostly go to market. We’re going to expand in additional markets, including APAC, Japan, and China, inclusive of the four other regions that we work in. We need to continue to innovate, which we do, so that will be an additional part of the funding.
Ian: Give me an idea, if you would please, of the sort of things you help businesses do.
Omri: Yeah, of course. So, one of the challenges in the analytics market has always been scaling the analytics experience from the number of users to the type of data and eventually governing everything. So, what we deploy through unique architecture and very deep AI capabilities reaches all personas in the organization. Any person in the company should have access to data-driven decisions, and that’s why it’s called a decision intelligence platform. The second part is accessing old data. As you know, you know, data is the most important commodity today, and harnessing it and harvesting it is super important for organizations to continue to maintain their competitive advantage. So, that’s another part of our platform that has very deep reach capabilities into any data in real-time. Customers we have in the UK, like CRU and, you know, Ann Summers, Liberty, are taking advantage of those capabilities.
Ian: And how do you get paid? Is it by subscription, or is it on, sort of, a project-by-project basis?
Omri: Yeah. It is a SaaS business. It is subscription based, so based on the number of users. We have a very large reach into organizations, so we’re trying to get to any person in a company, mostly enterprise organizations.
Ian: And presumably, because this is more specific, tailored advice than AI, presumably, you are able to pay more than traditional AI work.
Omri: Yeah. You know, it’s interesting. Eventually, it’s all about generating value for our customers. So, the way we think about it is how much value we create for the customers that we serve. You know, it is a competitive platform, and we are selling by subscription. But eventually, it’s about value. We see that our customers eventually create 4X how much they pay us in terms of return on investment.
Ian: How big is the addressable market, do you think?
Omri: So, the market is around 200-plus billion dollars worldwide. It’s growing double digits year after year. So, it’s the highest-growing industry in the software business. It’s a remarkable addressable market.
Ian: That’s extraordinary. And your pockets include Sequoia Capital, one of Silicon Valley’s best-known VCs. They’ve also participated, I’d gather, in this latest funding round. How did they get on board in the first place?
Omri: So, Sequoia has been with us since 2013. You know, they’re big players in the data industry, specifically in AI, very active. I think that they joined our vision, our road map. We are revolutionizing and reimagining the way organizations are using data and leveraging the data that they capture. Sequoia was an extremely big believer and participated in every round we did so far.
Ian: And the business emerged from the Tech Cup in Tel Aviv. How did this become such a major player in this particular field?
Omri: You know, there’s lots of talent coming out of intelligence units in the Army, bringing unique knowledge and know-how that is very difficult to generate in the civil market. And they deliver huge innovation in leveraging, using, and utilizing data in very, very strategic ways.
Ian: All right, Omri. We have to leave it there. Lovely to talk to you. Hopefully, I will see you again in the future. Thank you.
Omri: Thank you again.