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Josh James-Led Domo Launches Business Cloud, Raises $131 Million

After five years, the Utah-based startup's plans are coming into sharper focus.

Sumit Kohli

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.

Alongside the Business Cloud news, Domo also said it has added $131 million more to its Series D investment round. The investment firm BlackRock led the round last year, when it was $200 million. New investors including Credit Suisse and Canyon Capital Advisors have joined, topping it out at north of $330 million, bringing Domo’s total capital raised to date to $590 million. James said Domo maintained its $2 billion valuation.

The new fundraising implies that plans for an IPO, which James has said could happen sooner rather than later, is now more likely in the “later” category. Speaking at our Code/Enterprise Series event in San Francisco last year, James said an IPO could happen “within six months.” That was 11 months ago.

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