Mode Analytics Raises $33 Million in Series D Funding, Led by H.I.G. Growth Partners

Mode Analytics, the leader in advanced analytics, today announced that it has closed a $33 million round of Series D funding led by H.I.G. Growth Partners, along with Valor Equity Partners, Foundation Capital, REV Venture Partners, and Switch Ventures. Mode will use the funds to accelerate its leading analytics platform, which combines the best elements of Analytics and Business Intelligence (ABI), Data Science (DS) and Machine Learning (ML) to empower data teams to answer impactful questions and collaborate on analysis across a range of business functions. Mode has raised $83 million to date.

"Traditional business intelligence can show what's happening, but not why," said Derek Steer, Co-founder and CEO, Mode Analytics. "Even at companies with huge investments in self-serve BI, people constantly ask the data team follow-up questions. Making the data team more effective, and making the collaboration between the two groups work flawlessly, is the unmet need that Mode has filled. In doing so, we have laid the foundation for the future corporate knowledge base."

In 2019, Mode added a number of premiere enterprise companies to its customer base, which now includes Anheuser Busch, Zillow, Lyft, Bloomberg, Capital One, VMWare, and Conde Nast, among others. At this point, 52% of the Forbes 500 have signed up for Mode. In Spring 2020, Mode was the recipient of nine G2 Awards, including Best Estimated ROI, Fastest Implementation, Highest Performer, and Overall Leader.

"Mode goes beyond traditional Business Intelligence by making data faster, more flexible and more customized," said Scott Hilleboe, Managing Director, H.I.G. Growth Partners. "The Mode data platform speeds up answers to complex business problems and makes the process more collaborative, so that everyone can build on the work of data analysts. We believe the company's innovations in data analytics uniquely position it to take the lead in the Decision Science marketplace."

Mode is built for collaboration, featuring personalized analytics, dashboards, interactive visualization, predictive analytics, advanced analytics and prescriptive analytics. Unlike traditional BI tools, Mode delivers insights in minutes, instead of hours. It supports any type of analysis, without restrictions, and provides a workflow that makes it easier to consume data analysis and build upon it. Because Mode is cloud-based, team members can be connected directly to the source at all times. Anyone with permissions can expand upon the analysis by asking follow-up questions, making data more usable by bringing data to every role.

Mode's enterprise customers have achieved faster company-wide innovation by automating all business queries. In aggregate, Mode has processed 830 million query runs and 170 million notebook cell runs for 300 thousand users.