Web: Domo launches business cloud, raises $131M at $2B valuation

March 2016 by: From The Web

Domo, the secretive Utah-based cloud software startup focused on visualizing and managing the minute-by-minute data that comes with running a business, today launched a new initiative it calls the Business Cloud.

The move is a culmination of the vision that founder and CEO Josh James has been teasing at but has never fully described since the former Omniture CEO first started raising money five years ago.

“We’ve been lying about the opportunity we see ahead of us,” James said in an interview. “We’re going after a lot more than anyone may have realized.”

The plan, he described, is to create a cloud-based environment from which a company can run its operations, soup to nuts, including finance, sales, marketing and operations. The software grabs live data from all the different places it may be found and creates visual representations based on the user’s role in the company. After furtively guarding it behind non-disclosure agreements for months, Domo will open the apps up to prospective customers to try for free.

Domo is also launching an app store and already has 1,000 apps ready to install for Domo customers, some free and some paid. To support its plan to build out an ecosystem, it also launched a $50 million investment fund to back third-party companies building apps on Domo. GGV Capital, Institutional Venture Partners and Zetta Venture Partners are participating in the investment process.


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