BI software is easy to use, fast and efficient for business people. They can generate the results of relevant data analysis simply by asking questions by voice or searching for keywords, thus reducing their reliance on data analysts.
Synergies (Chinese:讯能集思), a provider of business intelligence software, completed a Series A+ round of funding worth tens of millions of USD led by NGP Fund.
The money will be mainly used to expand the market and build the team.
Business Intelligence (BI) refers to the use of data warehouse technology, online analytical processing technology, data mining and data presentation technology for data analysis to achieve business value.
IDC forecasts that China's business intelligence software market will reach USD 1.33 billion in 2025, with an overall market compound annual growth rate (CAGR) of 17.9% over the next five years.
Founded in 2016, Synergies' products help people in manufacturing, operations, finance and other business units to analyse data independently and make more effective decisions without the need for programming skills.
Synergies' founder, Zhang Zongyao, says Synergies' goal is not only to build a product that helps companies upgrade their digital transformation, but also to become a research-based company. Therefore, the company has been working with major schools and consulting firms.
In the future, Synergies will also focus on correlating external data with internal data to facilitate companies to make more predictive judgments when conducting data analysis, Zhang Zongyao added.