Aug 012013

Cloud-based enterprise analytics startup Tidemark has snagged $13 million in a new round taking its total financing to $48 million.

Tenaya Capital led the latest funding round.

Existing investors Greylock Partners, Andreessen Horowitz and Redpoint Ventures ponied up more cash.

Redwood City, California based Tidemark said it’s seeing good growth and listed Chiquita, Brown University, Hostess Brands and Cerner as new customers.

Tidemark boasts its “disruptive” cloud-based analytics approach enables customers to go live within 90 days compared to the 9-12 months months it takes for legacy analytics providers like IBM Cognos, Oracle Hyperion and SAP.

Although large enterprises continue to invest heavily in business analytics, IT researcher Gartner estimates that 70%-80% of all enterprise analytics projects fail.

Tidemark co-founder and CEO Christian Gheorghe was previously Chief Technology Officer at SAP.

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