Funding and Financials
Salesforce released its Q2 2023 financial report on August 24. Revenues were up 22% year over year, at $7.72B for the quarter. Despite the improvement in revenues, CRM stock dropped over 6% after the report was released.
Snowflake released their Q2 2023 fiscal results the same day as Salesforce. Snowflake revenues were up 83% year over year, with $497.2M in total revenue for the quarter. These numbers were strong enough SNOW jumped nearly 20% at the opening bell, though Snowflake stock is currently trading at just below $200/share, about half of its previous peak value.
Zilliz, a vector database company, raised an additional $60M in funding in an extension to its earlier $43B Series B round. Prosperity7 Ventures led the extension, with participation from 5Y Capital, Hillhouse Capital, Temasek’s Pavillion Capital, and Yunqi Capital. Zilliz will use the additional funding to continue expanding its engineering and go-to-market teams, once they’ve opened their new Silicon Valley HQ.
Launches and Updates
Following up on their May release of Alteryx Designer-FIPS, Alteryx announced this week the launch of Alteryx Server-FIPS. Alteryx’s FIPS releases are compatible with the Federal Information Processing Standards for data and computer security, which apply to public sector computing environments that require high-quality data encryption. Alteryx Server-FIPS will allow analyst teams within public sector organizations to collaborate on analytic workflows, macros, and apps.
Data intelligence platform BigID announced auto-classification capabilities for data governance and management. Organizations will be able to automatically classify and tag data for governance purposes, even in multi-cloud and hybrid cloud environments.
On August 24, Domino Data Lab announced that they had achieved ISO 27001:2013 certification. ISO 27001:2013 standards require following strict rules around data security, risk management, continuous monitoring and improvement, and personnel training to assure end-to-end security around accessing and using sensitive data in machine learning models.
Incorta announced new data applications for a number of platforms, opening up Incorta capabilities to new types of data. The new data apps include Workday (Workforce and Compensation), SAP ECC (Financials and Supply Chain), and Oracle EBS and Cloud ERP (Financials and Supply Chain, and Human Capital Management). Incorta also debuted the Incorta Marketplace, allowing Incorta users to share analytic content in the form of additional data apps, as well as custom visualizations and dashboard controls. Finally, Incorta also released a component SDK that developers can use to create new data connectors beyond the library of already-existing ones.
Sisu Data has added new features to its Sisu Decision Intelligence Engine. With these new features, Sisu customers will be able to automatically detect trends and anomalies in data, and augment analytics workflows with “automated analytics” to track and understand how and why metrics change and predict the future impact of such changes.
Acquisitions and Partnerships
On August 25, OpenText announced its intent to acquire British software and IT firm Micro Focus at £5.32 per share, implying an estimated total value for Micro Focus around $6B. The acquisition is expected to close in early 2023. From our BI to AI perspective, this acquisition helps augment OpenText’s existing analytics capabilities through Micro Focus’ Vertica analytics platform, in addition to a broad set of capabilities available in the rest of Micro Focus’ broad portfolio.
Analytics firm SAS and cloud database SingleStore have announced an integration between SAS Viya and SingleStore as part of their ongoing partnership. SAS Viya with SingleStore will allow SAS analytics and AI services to be used on data stored in SingleStore.