Belgium-based Cumul.io, a data visualisation company that provides a low-code platform for data analysis with integration into other SaaS platforms or applications, announced on Tuesday that it has raised €10M in a Series A round of funding.
Cumul.io says it will use the funds to further strengthen its global team of over 40 people with experienced specialists across all areas of the business. The recruiting drive will help ongoing expansion initiatives and adoption outside of Europe since more than a third of its income currently comes from North America.
The company also plans to increase its platform’s analytical power, in addition to further improving “ease of use”, robust performance and increased scalability.
“The analytics experience your customers crave”
Founded in 2015 by Haroen Vermylen, Karel Callens, and Thomas De Clerck, Cumul.io is an analytics software company. It answers the increasing demand for easy and accessible data analysis tools and integrations to help business owners make confident decisions quickly.
CEO Karel Callens says, “In today’s highly competitive business environment where cost and time efficiency is critical, the data driving these companies need to be presented in a simple and understandable manner. Our low-code building block approach to analytics offers a simple, yet powerful way for any business user, regardless of technical skillset, to create highly engaging customer-facing dashboards.”
“Cumul.io has been built from the ground up to redefine what confident decision-making looks like, and we believe our platform is ready for mass adoption,” adds Callens.
Currently, the Belgium-based company serves over 240 SaaS companies worldwide including Dixa, FastSpring, and Selligent.
According to a statement from Cumul.io, the embedded analytics market – which covers the integration of analytics features into any business application – is projected to grow to $95.78B globally by 2026.
Investors supporting Cumul.io
The investment was led by Hi Inov-Dentressangle with participation from existing Seed investors Axeleo Capital, LRM, and SmartFin.
Hi-Inov was founded in 2013 by Pierre-Henri Dentressangle and Valérie Gombart and backs European hyper-growth companies that contribute to the transformation of the industrial and service sectors. The firm has more than €250M of capital from entrepreneurs, medium and large companies and institutional investors.
Wolfgang Krause, Managing Partner at Hi Inov-Dentressangle, says, “Businesses are accumulating more data than ever before, but the challenge is knowing what to do with it. Analytics transforms data into actionable insights, but approaches to building analytics centred around traditional Business Intelligence (BI) or home-grown solutions are resource-intensive and require specialist skills. Stripping away this complexity, Cumul.io’s approach to embedding analytics in software platforms, web apps, or public websites is unseen in other solutions and is precisely where the B2B SaaS segment has been struggling.”
Axeleo offers European founders of B2B tech startups a support framework including investments through its VC early-stage funds, a customised acceleration programme and an ecosystem of over 100 seasoned software experts and mentors. Currently, the firm has €80M in assets under management (AuM).
Smartfin is a European investment fund focused on helping B2B technology companies grow and expand. It has €350M AuM and invests initial tickets between €500K and €10M in both early-stage and growth-stage companies.
LRM is an investment company that develops and stimulates economic growth in Limburg. The firm claims to provide a solid foundation, allowing companies and projects that create jobs in Limburg to grow.
