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Omniture Co Founder Josh James launches DOMO, a BI Firm
By siliconindia
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Saturday, 23 July 2011, 01:21 IST
Omniture co founder Josh James recently launched a new BI firm Domo.
After he sold the web analytics giant, Omniture to graphic design software giant Adobe for around $1.8 billion in 2009, James founded Shacho with the aim of 'fixing' the problems he saw with gaining access to real-time information about his own business. He then acquired data dashboard specialist Corda Technologies, and the two firms have now been combined as Domo (which translates to 'thank you' in Japanese), with an aim to transform the way executives manage their business?
The firm collects data such as marketing material, customer relationship management (CRM) information, e-mails, presentations and stock market analyses to deliver real-time intelligence to CEOs, to help them make informed business decisions.
Domo's founding team consists of some of the most sought after talent in the industry with experience that includes Amazon, American Express, Ancestry.com, eBay, Endeca, Facebook, Linkedin, MLB.com, Omniture, and Salesforce.com, amongst others.
Domo board includes:
*Matt Cohler, General Partner at Benchmark Capital who was the fifth Facebook employee and a member of LinkedIn's founding team;
*Mark Gorenberg, Managing Director at Hummer Winblad Venture Partners, appointed member to the President's Council of Advisors on Science and Technology (PCAST), and former board member of Omniture;
*John Thompson, Chairman and former CEO of Symantec and current CEO of Virtual Instruments;
*Fraser Bullock, co-founder and Managing Director at Sorenson Capital, former Omniture board member, and one of the founding partners of Bain Capital; and
*Neal Williams, founder of Corda, the first company acquired by Domo.
James raised $10m in angel funding from a number of high-profile investors including marcoms giant WPP in May. He has now raised a further $33m from investors in a Series A round, led by Benchmark Capital, whose General Partner Matt Cohler is a founding member of LinkedIn. The capital will be used to help Domo advance its SaaS-based solution?, says their news release.
"To build a great company, you need three things, a big market, great people and funding," said James, We are fortunate to have attracted such high-caliber angels whose experiences and insights will help accelerate our aggressive plans for growth; and given what we are planning to do, it's apropos that we have CEOs and founders of the four largest SaaS companies," said James. "Today's business intelligence solutions leave executives with blind spots because the information they receive is not real time and it's often inaccurate and incomplete. We are on an aggressive path to fix this pervasive problem that has yet to be addressed."
James adds: The BI market is ripe for disruption. Tens of billions of dollars have been spent on collecting data, yet no one has found a way to deliver value. The SaaS model forces technology vendors to have a maniacal focus on customer satisfaction because it's relatively easy for customers to abandon you if they aren't happy. At Domo, we will work to keep our customers satisfied.
On a lighter note James said, "When branding Domo, it was imperative that we include two O's in our name like Google, Yahoo, or Facebook to ensure we'd become a breakout company 'j/k' we chose Domo because we wanted to represent to our employees and customers that we have a crystal-clear focus on the reason we're here, and that reason is the customer."
PWC, at&t, Nissan, Lumnex, Dowjones are the major customers of Domo amongst others to note.