Many organizations struggle to become data-driven, even with data analytics teams in place. According to a recent Gartner survey, less than half of data and analytics leaders believe their teams effectively provide value to their organizations.
German computer scientist Michael Berthold encountered this issue while consulting with businesses at Konstanz University. These businesses expressed a need for a platform to process and analyze data, leading Berthold and his colleagues to create an open-source platform called KNIME.
KNIME has evolved into a VC-backed startup with 400 customers, including industry giants like Audi, AMD, and Novartis. The company’s annual revenue has been growing steadily since its founding in 2008, reaching about €30 million ($~32.35 million).
KNIME offers a visual, no-code workflow platform for integration with an organization’s systems. Users can create data pipelines, reports, and visualizations, regardless of data location. The business hub allows for automation, governance, and sharing of workflows.
With annual licenses starting at $39,900, KNIME has attracted investors like Invus, who recently injected $30 million into the company for further product development and expansion.
To stay competitive, KNIME plans to enhance its AI capabilities and introduce more software-as-a-service offerings targeting small to medium-sized businesses. Despite challenges in the tech industry, KNIME remains optimistic about its growth and adoption.
KNIME aims to continue investing in innovation and expanding its customer base across regions, positioning itself well for the future.
