Leading venture firm takes entire series B round of fundingPublish Date:
SEATTLE, Wash. – September 8, 2008 – Today Tableau Software (www.tableausoftware.com), the global leader in fast analytics and visualization software, announced that it has secured $10 million in series B funding from New Enterprise Associates, Inc. (NEA). NEA originally invested $5 million in Tableau in 2004. This new investment will fund new product development and sales channel expansion. Tableau is growing exponentially and was recently named one of the top 50 fastest growing software companies in the United States on the Inc. 5,000 list.
“Consolidation in the business intelligence industry is creating new opportunities for a disruptive company like Tableau to rapidly innovate,” said Forest Baskett, general partner at NEA. “The company has already established market leadership, and NEA is pleased to continue partnering with Tableau’s talented management team as they begin this next phase of growth.”
Baskett led NEA’s initial investment in Tableau in 2004. In conjunction with this round of financing, he will join the company’s board of directors.
“NEA’s enthusiastic backing of Tableau is a testament to our success and a strong expression of confidence in our vision to deliver visual analytics to anyone who uses data. The sun is starting to set on the last generation of business intelligence companies, and the world’s leading corporations are adopting Tableau’s fast analytics products,” said Christian Chabot, CEO of Tableau Software.
Already profitable, Tableau will use this funding to expand its development team and accelerate the introduction of new and innovative features of its data visualization and analytics products. This investment will also fund the development of new sales territories and the expansion of the company’s channel presence, particularly in the government and international sectors and with value added resellers.
Tableau has more than 10,000 users worldwide from thousands of companies, including: Google, AOL, Barclays Global, HP, Microsoft, Virgin Entertainment Group and Yale University.
Tableau Thought Leaders
Tableau’s rise in the analytics industry has been driven by some of the leading minds in the field of data exploration and visualization, including:
Professor Pat Hanrahan
Pat Hanrahan is Tableau Software's CTO. He is also the Canon USA Professor of Computer Science and Electrical Engineering at Stanford University. Hanrahan's research has included visualization, image synthesis, and graphics systems and architectures. He was also a founding employee of Pixar (NASDAQ: PIXR), where he was the chief architect of the RenderMan™ Interface – a protocol that has revolutionized the modern graphics and entertainment industries. Hanrahan is the winner of two Academy Awards and is a member of the American Academy of Arts and Sciences.
Dr. Chris Stolte
Chris Stolte is Tableau Software's vice president of engineering. Prior to co-founding Tableau, Stolte researched the analysis and exploration of large, complex databases at Stanford University. This research resulted in 12 landmark research publications and two large-scale visualization systems. Stolte was also CTO and co-founder of BeeLine Systems (now owned by Vicinity Corporation (NASDAQ: VCNT)), a visualization software company that developed a revolutionary map rendering system.
Dr. Jock Mackinlay
Jock Mackinlay is Tableau Software's director of visual analysis. Mackinlay has a Ph.D. in computer science from Stanford University, where he pioneered the automatic design of graphical presentations of relational information. He joined Xerox PARC in 1986, where he collaborated with the User Interface Research Group to develop many novel applications of computer graphics for information access, coining the term "Information Visualization." Mackinlay is a co-inventor of numerous software patents related to information visualization.
Dr. Forest Baskett
Forest Baskett joined NEA in 1999 as a venture partner and became a general partner in 2004. With this investment, he joins NEA General Partner Scott Sandell on Tableau’s board. Prior to NEA, he was senior vice president of R&D and CTO of Silicon Graphics Inc., and he founded the Western Research Laboratory of Digital Equipment Corporation. Prior to that, he was a professor of computer science and electrical engineering at Stanford University from 1971 to 1982. He also spent two years at Los Alamos National Laboratory building an operating system for the original Cray-1 computer and a year and a half at Xerox Palo Alto Research Center as a principal scientist doing VLSI research.
About Tableau Software
Tableau Software, a privately held company based in Seattle, is the leading provider of software applications for fast analytics and visualization. Its award-winning products can be downloaded at www.tableausoftware.com/trial and used by anyone, including executives, managers, business analysts, strategic consultants, financial professionals, market researchers, scientists and engineers in nearly every industry. For more information, visit www.tableausoftware.com.
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners, and practicing its profession with the highest standards and respect. Through its affiliated funds, NEA focuses on investments at all stages of a company’s development, from seed stage through IPO. With approximately $8.5 billion in committed capital, NEA’s experienced management team has invested in over 600 companies, of which more than 160 have gone public and more than 240 have been acquired. NEA has U.S. offices in Chevy Chase, Maryland; Menlo Park, California; and Baltimore, Maryland. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India, and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.