Pyramid Analytics secures $50M from BlackRock to drive AI business intelligence
Pyramid Analytics secures $50M from BlackRock to drive AI business intelligence
The Israeli company took its total funding to around $250 million after raising $120 million at a $1 billion valuation in March 2022.
Pyramid Analytics, an AI-driven business analytics company, announced on Monday that it has secured $50 million in new financing from BlackRock, the world's largest asset manager.
The Amsterdam-incorporated company, with offices in London, New York City, and Tel Aviv, declined to disclose its valuation following the latest investment. Pyramid’s previous funding round, a Series E led by H.I.G. Growth Partners in May 2022, raised $120 million at a $1 billion valuation, bringing its total fundraising to over $200 million at that time.
Pyramid’s platform leverages machine learning and AI to simplify data analysis and processes for clients, including the U.S. Food and Drug Administration (FDA), Hallmark, Deloitte, and Volkswagen. The global market for big data and business analytics is projected to grow from $225.3 billion in 2023 to $665.7 billion by 2033, according to Allied Market Research.
“We are honored by BlackRock’s vote of trust in our vision and execution as we bring next-generation analytics solutions to the upper mid-market and enterprise organizations,” said CEO Omri Kohl, who co-founded the company alongside CTO Avi Perez and Herbert Hochman.
While Pyramid leads in AI-driven business intelligence, BlackRock’s investment reflects confidence in the company’s strong business performance and market positioning.
“Our investment in Pyramid Analytics complements our track record of investing in innovative software and technology businesses,” said John Doyle, Managing Director at BlackRock. “We are pleased to give our clients exposure to a business like Pyramid, which sits at the intersection of data analytics and AI capabilities, two segments experiencing robust secular growth.”
Reuters contributed to this report
