In recent years there has been an explosion of business intelligence (BI) tools, or tools that analyze raw data and use it to make decisions. Investments They are increasing in them, but companies are still struggling to be “data-based” – at least, according to the results of some surveys. NewVantage Partners 2022 Poll Chief Information and Analysis Officers found Just under half (47.4%) believed they compete on data and analytics. They cited company culture and big data growth as major barriers, as well as concerns over data ownership and privacy.
Colin Zima believes there is another major challenge to the adoption of BI tools: poor usability. He is the co-founder and CEO of Omni, which aims to simplify working with data in an organization. Therefore, Zima may not be surprisingly neutral. But on the other hand, he’s a long-time participant in the data analytics community, having worked in the search quality team at Google and as chief analytics officer and VP of product at Loker.
“In an age where every employee is expected to be a data user, it’s still very difficult to do the basics: searching for information across multiple systems, or waiting for the data team to pull data, or being forced to learn a structured query language (SQL) to answer queries.” Zima said. “The reality is that business users need great, simple tools to do their jobs better, and data teams need powerful tools to manage that process and produce high-value work that complements core reporting.
Zima introduced Omni in early 2022 with Jamie Davidson and Chris Merrick, who spent several years at Locker and Stitch, respectively, before joining the startup. The three co-founders were motivated by a desire to build a product that would enable data teams to perform “high-value” work that complements core business reporting processes, Zima said.
“There are…some painful trade-offs that people make when they use a centralized platform – they feel like it’s too hard to make changes, so people get stuck with analytics tools or other point solutions and that fragmentation is only accelerated. This creates friction — and, frankly, tension — with information people and business groups, or people who want to move quickly, and report to your board,” Zima said. “While legacy BI platforms unite teams around secure, centralized data, it still means heavy front-end data modeling. With Omni, we’re bridging the gap between real-time satisfaction analytics and the reliability and management of mature enterprise BI.
Investors believe in Omni’s vision, pledging $26.9 million to the startup, a seed round led by Box Group, Silence and Scrabble and a $17.5 million Series A led by Redpoint with first round and GV participation. Omni’s post-cash value is about $100 million, a source familiar with the matter said. Regarding income, Zima said that efforts will be made to go to the market; Omni says he still won’t destroy the seed.
Omni is comparable to other BI tools like the aforementioned Looker and Tableau, Zima said. But the platform can take raw SQL—the language used to communicate with databases—and break it down into model components. Omni’s built-in tools generate data models and entities from SQL, creating a “sandbox” of data models that users can introduce into a public common model that the entire organization can use. In addition, Omni runs “automated summaries” intranet to expedite claims and control costs for consumers (and their employers).
“Most companies are forced to work with one centralized BI tool because it forces their employees and teams to work off the high street. This leaves the choice of not using any data or bending in the shadows like Excel or independent analytical tools to complete the workflow,” said Zima. To his point, research indicates that nearly half of organizations struggle to access and access quality data. “By bridging this gap between IT and business units, Omni is building a system that makes IT more manageable by introducing a managed decentralized approach to problem solving. Ultimately, this means that all business logic and data control can be maintained and controlled by IT and data teams, with no remaining on islands.” By comparison, they can be well integrated into mainstream systems.
Although Zima says Omni is protected in many ways because of its founders’ long-standing relationship with Omni’s investors, starting a company during a downturn is not easy. Regardless of the macro economy, the main focus this year is recruiting and customer acquisition, Zima said — Omni had only worked with five development partners before today, marking the platform’s official launch. Omni currently has about 16 employees and plans to increase that number by 25 percent by 2023.
The trick is to keep growing in the face of competition like Y42, Metabase and MachEye, the latter of which raised $4.6 million in seed funding two years ago. Even more terrifying is Pyramid Analytics, a business intelligence and analytics firm that raised $120 million last May. There’s also Nogata, Fractal Analytics, Tredence, LatentView, and Mu Sigma.
On Zima’s part, he expects the lower market to work for Omni at the expense of its rivals as companies look to consolidate their devices and “streamline their data stacks.”
“[Omni] It is the only BI platform that combines a shared data model with the freedom of SQL… [and] It allows for this positive feedback loop between the concurrent speed work and the managed model, Zima said. “The core of our thesis is that the central challenge that remains in business intelligence is to untangle and unify the entire landscape, which is largely built on point solutions… [opens] Creating new, more ambitious opportunities, such as proactively improving performance.