Cloud data analytics service Phocas raises $34 million to grow AI, global footprint

Phocas Software‘s cloud data analytics tools might be best known in Australia, where they’re used by Thermo Fisher Scientific, Fiskars Royal Doulton, and Burson Automotive to streamline employee access to key financial data, but the company is planning to become more aggressive globally in 2021. Today, Phocas announced that it raised $34 million to bolster its AI capabilities and reach new customers across the world, while expanding its data tools to reach new verticals.

With the new capital, Phocas plans to “supercharge” its outreach to American and UK companies while increasing its tools’ use of AI to extract value from data. Developed to enable businesses to run operations without cross-referencing spreadsheets, Phocas’ tools enable employees to easily track KPIs and similar metrics specific to their roles, using industry-customized data reports that can be accessed from corporate or home offices.

Phocas’ expansion is significant to technical decision makers because it reflects growing competition in and segmentation of the enterprise data technology arena. The company’s software-as-a-service (SaaS) data analytics tools have historically targeted medium-size enterprises rather than small or large businesses, notably including medical, scientific, manufacturing, and automotive companies in Australia, the United States, and the United Kingdom. Over 1,900 “mid-market” customers already use Phocas, including American Metal Supply and Dixie Plywood in the U.S. and various retail, hospitality, and equipment vendors in the UK; these types of businesses will continue to be Phocas’ focus, but it will also use its new funding to expand to unspecified new industries.

The company’s core business intelligence tools are largely made for sales, purchasing, finance, and executive teams, enabling daily rather than monthly tracking of data across an enterprise. With support for over 20 global ERP partners — notably including Epicor — Phocas’ cloud-based tool can connect to enterprise ERP, CRM, and AP/AR systems, as well as other data sources.

Australia’s Ellerston Capital led the funding round with a $27 million equity investment, while earlier investor OneVentures added $7 million in equity financing, increasing its stake after four years to accelerate Phocas’ place in the SaaS market. The company continues to be led by cofounder and CEO Myles Glashier.