AI is transforming the way people collect and interact with data, and a startup just raised millions to develop its low-code, open-source analytics tools for businesses.
Startup Knime has raised $30 million from equity investor Invus to boost its AI offerings, the company announced today. The funding follows an earlier investment from Invus in 2017, when the firm funded the startup’s $20 million Series A round.
Founded in 2017, Knime is headquartered in Zurich with additional offices in Berlin and Austin, Texas. The startup sells an enterprise software platform for data analytics, reporting, and integration. Its core product, the KNIME Analytics Platform, is an open-source software used by data scientists and analysts to analyze and visualize their companies’ data.
While Knime was designed to democratize data analytics through an open-source, low-code approach, advances in generative AI are further advancing that philosophy, said Michael Berthold, the startup’s co-founder and CEO. While the company has developed extensions to use on the analytics platform, users have also created their own AI tools to share with others, he said.
“AI Extensions allow workflow builders to augment their analytics workflows with GenAI components,” Berthold said. “This allows them to create custom GenAI bots, add safeguards around GenAI tools, and supercharge analytics work with GenAI functionality.”
As generative AI rapidly evolves, the technology is creating new opportunities in the world of data analytics, including faster processing times, greater accuracy, predictive modeling, and computer-generated visualizations.
Many other startups in the sector have recently raised funds to double down on their AI capabilities, including giants Data Brickswhich raised more than $500 million last fall at a valuation of $43 billion, and Hug Facewhich raised $235 million a year ago.
Although Knime is much smaller in comparison, the startup now claims to serve more than 400 enterprise customers, and its clients include Audi, Novartis, Bayer, the FDA and P&G. Its user base, meanwhile, is approaching half a million people.
“With this funding round, we will continue to invest in our GenAI governance capabilities and integrate new GenAI technologies as they evolve,” said Berthold. “We will also expand general data science and AI capabilities and focus on the broader US, Europe, Middle East and Africa market, continuing to accelerate Knime’s growth.”
Check out the 15-slide pitch deck Knime used to raise $30 million.
