Pentaho with $5 million round

Filed in archive Venture Capital on December 9, 2005

The funding spree for Open Source Business companies is not going to end soon - this time it is Business intelligence:

"Today, Pentaho Corp., the world's leading provider of Open Source Business Intelligence (BI) software, announced that it has secured $5 million in series A funding from two premiere venture capital firms with deep Open Source expertise. U.S.-based New Enterprise Associates (NEA) led the round in partnership with European-based Index Ventures.

Commenting on the investment, Andre M. Boisvert, Chairman and co-founder, stated, "We were fortunate to have been able to fund the company through its initial product development phase and to deliver product to market. With real customers having validated our business model, I am delighted that we are now teaming up with two world-class venture firms that can not only provide us with growth capital but more importantly provide us with their wealth of Open Source expertise."

Taking successful Open Source projects into a company and sell value added services is a smart concept. This wave will go on for some time.