Becoming a data-driven organization is not an easy feat, despite the aspirations many have to achieve this goal. Even organizations with dedicated data analytics teams struggle to make effective use of their data. According to a recent Gartner survey, fewer than half of data and analytics leaders say their teams are effective in providing value to their organizations.
The Birth of KNIME
German computer scientist Michael Berthold became aware of this issue while a professor at the University of Konstanz, where he consulted with numerous businesses trying to adopt data analytics practices. These businesses frequently expressed a desire for a platform that could help process and analyze their data. Berthold told TechCrunch, "The initial goal was to create a modular, highly scalable, and open data processing platform that allowed for the easy integration of different data loading, processing, transformation, analysis, and visual exploration modules, without focus on any particular application area." The resulting open-source platform, called KNIME, eventually morphed into a VC-backed startup of the same name.
The Founding Team
Berthold was joined by his colleagues, Bernd Wiswedel and Thomas Gabriel, to form the founding team of KNIME. Today, KNIME has 400 customers paying for the fully managed version of its platform, including Audi, AMD, Lilly, Novartis, Bayer, Sanofi, Genentech, the FDA, P&G, and Mercedes-Benz.
Annual Recurring Revenue
According to Berthold, annual recurring revenue has been increasing 30-40% per year since KNIME’s founding in 2008. The company now boasts an annual recurring revenue of about €30 million ($~32.35 million).
KNIME’s Workflow Orchestration Dashboard
A look at KNIME’s workflow orchestration dashboard:
As you can see, KNIME’s software is built on visual, no-code workflows designed to integrate with an organization’s systems of record. Users can tap KNIME to build pipelines to transform data, turn data into reports and visualizations, or compare one set of data to another, regardless of where the data resides.
The Business Hub
Through KNIME’s business hub, companies can run automate, and deploy data workflows with optional governance and security capabilities on top. The hub is also where they can build internal libraries of workflows so that teams can share and edit workflows as needed or install workflows created by the wider KNIME community.
Pricing
KNIME charges a premium for its services – annual licenses start at $39,900 for the business hub. However, customers seem willing to pay for them, which has caught investors’ attention.
Recent Investment
This week, KNIME announced that Invus invested $30 million in its business to bring KNIME’s total investment to $50 million. According to Berthold, this funding will be used to expand the company’s sales and marketing efforts, as well as develop new features for the platform.
The Benefits of KNIME
So what sets KNIME apart from other data analytics platforms? For one, its modular design allows for easy integration with various data sources. Additionally, its visual interface makes it accessible to users without extensive technical expertise. This enables organizations to unlock the value of their data and make more informed decisions.
The Future of Data Analytics
As data continues to grow in importance, organizations will need to adapt to stay competitive. KNIME’s innovative approach to data analytics is poised to revolutionize the field, making it easier for companies to harness the power of their data. With its recent investment and growing customer base, KNIME is well-positioned to become a leader in the data analytics space.
Conclusion
Becoming a data-driven organization requires more than just having a dedicated team – it demands the right tools and technologies to unlock the value of your data. KNIME’s innovative platform offers a solution to this challenge, making it easier for organizations to harness the power of their data and make informed decisions. As the demand for data analytics continues to grow, KNIME is well-positioned to become a leader in the field.
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