Plotly has successfully raised $14 million over two funding rounds, with the latest being a Series B in November 2018. The company specializes in creating open-source tools for data visualization, catering to data scientists and business analysts.
Keep reading to explore the intricacies of Plotly's fundraising journey and the investors backing this innovative platform.
What Is Plotly?
Plotly, founded by Jack Parmer, Christopher Parmer, and Alex Johnson, is headquartered in Montreal with a remote workforce. The company specializes in creating open-source tools for interactive data visualization, supporting data scientists and business analysts.
Since its inception, Plotly has focused on democratizing access to scientific software through open-source solutions. Their tools, including the Dash Enterprise platform, enable users to build, deploy, and scale data applications efficiently.
With a team of 11-50 employees, Plotly continues to expand its market presence, offering innovative solutions that transform data into actionable insights.
How Much Funding Has Plotly Raised?
- Seed Round
- Amount Raised: $5.5 million
- Date: June 3, 2015
- Lead Investors: MHS Capital, Siemens Venture Capital, Rho Ventures, Real Ventures, Silicon Valley Bank
- Motivation Behind the Round: To improve data interaction and reporting, making data more accessible and interactive for users.
- Series B
- Amount Raised: $8.5 million
- Date: November 1, 2018
- Lead Investors: In-Q-Tel
- Motivation Behind the Round: To support the development and expansion of Plotly's collaborative tools for data visualization and sharing.
Total Amount Raised: $14 million. Current Valuation: $50 million (~estimated).
Key Investors
- In-Q-Tel
- Details: In-Q-Tel is a strategic investor that supports the missions of the U.S. intelligence community by investing in cutting-edge technologies. It was founded to bridge the gap between the technology needs of the intelligence community and emerging commercial innovations.
- Investment Focus Areas: Technology, national security, intelligence.
- Notable Investments: Palantir Technologies, FireEye, Keyhole (acquired by Google).
- Siemens Venture Capital
- Details: Siemens Venture Capital is the venture capital arm of Siemens, focusing on investments in innovative technology companies. It aims to foster growth and innovation in sectors that align with Siemens' strategic interests.
- Investment Focus Areas: Electrification, automation, digitalization.
- Notable Investments: ChargePoint, Volta Charging, Proterra.
- MHS Capital
- Details: MHS Capital is a venture capital firm that invests in early-stage technology companies. The firm seeks to support startups that have the potential to disrupt their respective industries.
- Investment Focus Areas: Early-stage technology, software, internet services.
- Notable Investments: Not specified in the sources.
- Rho Ventures
- Details: Rho Ventures is a venture capital firm that invests in high-growth technology and healthcare companies. The firm has a long history of supporting innovative startups and helping them scale.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Medidata Solutions, Everyday Health, IntraLinks.
- Vanedge Capital
- Details: Vanedge Capital is a venture capital firm that invests in technology companies. Moe Kermani, a partner at Vanedge Capital, joined Plotly's board following their investment.
- Investment Focus Areas: Technology, digital media, enterprise software.
- Notable Investments: Recon Instruments, Privacy Analytics, D-Wave Systems.
What's Next for Plotly?
Plotly stands at the cusp of significant growth opportunities, particularly in sectors like defense, intelligence, and industrial automation. The recent $8.5 million Series B funding round underscores the market's confidence in Plotly's potential. With strategic investors like Siemens and In-Q-Tel, the company is well-positioned to expand its collaborative tools for data visualization.
Future fundraising seems promising, especially with Moe Kermani from Vanedge Capital joining the board. This could pave the way for additional investment rounds or strategic partnerships. However, Plotly will need to navigate challenges such as scaling its technology and facing competition from other data visualization tools.
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