Top 10 Business Intelligence Startups [+ Industry Data]

Dayana Mayfield

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The global business intelligence (BI) software market is valued at $40 billion and continues to grow as organizations increasingly rely on data-driven insights to make critical decisions. 

This expansion presents an incredible opportunity for entrepreneurs to enter the BI space with innovative solutions. 

In this post, we’ll explore the world of BI startups, including what they do, who some of the current players are, and how they’re transforming the industry. We also throw out a few ideas for those who may be thinking about throwing their hat in the ring.

What is a business intelligence startup?

A business intelligence (BI) startup focuses on developing tools, platforms, or services that help businesses collect, analyze, and visualize their data. The goal is to empower organizations to make data-driven decisions, enhance operational efficiency, and identify growth opportunities.

BI startups often specialize in areas like data integration, advanced analytics, and data visualization. They cater to the increasing demand for actionable insights in sectors like manufacturing, financial services, and business services, where BI adoption stands particularly high.

Business intelligence vs business analytics

Though often used interchangeably, business intelligence (BI) and business analytics (BA) serve different purposes:

  • Business Intelligence focuses on the descriptive analysis of historical and current data to inform operational decisions. It answers "what happened" and "what is happening now," often through dashboards and reports. For instance, BI tools enable organizations to track key performance indicators (KPIs) and operational metrics in real time.

  • Business Analytics, on the other hand, dives into predictive and prescriptive analysis. It answers "why did this happen" and "what should we do next?" leveraging advanced statistical techniques and machine learning models. BA is forward-looking and supports strategic planning.

The distinction between the two lies in their focus. BI provides a solid foundation of data for decision-making, while BA builds on it with deeper insights and recommendations. Together, they form a complementary ecosystem. And, by understanding the difference between BI and BA, startups can target specific market needs and tailor their offerings to cater to diverse audiences.

How are BI startups changing the business intelligence industry?

Business intelligence platforms are changing the BI industry in many ways. Here’s a breakdown of the key areas.


How are BI startups changing the business intelligence industry infographic1. Democratizing data access

BI startups are empowering smaller organizations by offering affordable and user-friendly tools that democratize data access. With 26% of companies adopting BI tools globally, startups are breaking down barriers, enabling data-driven decisions for businesses of all sizes.

2. Leveraging AI and machine learning

Startups are harnessing AI and machine learning to deliver automated business intelligence, predictive analytics, and insights, addressing real-time business challenges. For example, the company Databricks has gained $62 billion valuation by driving innovation in AI-powered BI solutions.

3. Enhancing real-time data analytics

Startups are enhancing real-time data capabilities, helping businesses adapt to fast-changing conditions. Real-time analytics is a top priority for industries like manufacturing and financial services, which lead in BI adoption.

4. Prioritizing data visualization and storytelling

Data visualization tools from startups make it easier for businesses to translate complex data into actionable insights. With 97% of gathered data unused, data visualization helps organizations increase efficiency .

5. Offering cloud-native solutions

Cloud-native BI solutions provide scalability and flexibility that reduce operational costs. With the cloud BI market growing at 15.3% CAGR, startups are leading the charge in offering modern, accessible analytics.

6. Focusing on niche markets and specialized solutions

Startups targeting niche markets provide tailored BI solutions for specific industries, driving competitive differentiation. This targeted approach also plays into democratization and offers different industries the ability to leverage data differently.

7. Driving mobile-first BI experiences

Mobile-first BI startups prioritize usability for meeting the needs of on-the-go professionals. With the mobile BI market poised to reach $51.5 billion by 2032, startups are tapping into significant demand.

8. Emphasizing data security and compliance

Startups are helping businesses navigate regulatory challenges by incorporating robust data security features. This focus addresses critical needs as BI tools handle increasingly sensitive information.

9. Providing self-service BI tools

Self-service BI platforms empower non-technical users to create dashboards and analyze data independently. This trend aligns with the rise of intuitive, user-friendly tools in the BI market.

10. Integrating seamlessly with existing workflows

Startups are innovating integration capabilities, enabling BI tools to work seamlessly with existing software ecosystems. This adaptability ensures higher adoption rates and operational efficiency for users.

10 business intelligence companies worth watching

With the entrance of  AI for business intelligence, you can guess there are some BI tools out there really shaking things up. Here are some of them to keep your eye on.

1. Aera Technology

Aera TechnologyYear established: 2017
Location: Mountain View, California, USA
Funds raised: $170 million

Aera Technology is redefining enterprise decision-making with its AI-powered cognitive operating system. The platform integrates seamlessly with existing systems, enabling real-time insights and automation for dynamic business optimization.

Why this startup made the list:

  • Leveraging AI and machine learning: Aera’s advanced AI platform autonomously performs tasks, forecasts outcomes, and provides actionable recommendations.

  • Enhancing real-time data analytics: Provides instant insights and updates, allowing businesses to make informed decisions rapidly.

  • Integrating seamlessly with existing workflows: The platform connects effortlessly with legacy systems and existing business software.

  • Prioritizing data visualization and storytelling: Aera enables businesses to translate complex data into meaningful narratives for strategic decision-making.

2. Risika

RisikaYear established: 2017
Location: Copenhagen, Denmark
Funds raised: $6.5 million

With a mission to revolutionize financial risk management, Risika equips businesses with advanced credit assessment and monitoring tools. Its user-friendly platform simplifies complex financial data, enabling better decision-making and reduced risks.

Why this startup made the list:

  • Providing self-service BI tools: Users can independently access powerful financial insights and create customized credit reports.

  • Focusing on niche markets and specialized solutions: Specifically targets the financial services industry with tailored tools for credit assessment and risk analysis.

  • Emphasizing data security and compliance: Ensures compliance with strict financial regulations and offers robust security features.

  • Enhancing real-time data analytics: Provides timely updates on credit risks, empowering businesses to act proactively.

3. Soda

SodaYear established: 2018
Location: Brussels, Belgium
Funds raised: $22.8 million

Data quality is crucial for decision-making, and Soda leads the charge by offering tools that monitor and validate datasets. Their open-source and enterprise-grade solutions empower teams to maintain high standards of data integrity.

Why this startup made the list:

  • Democratizing data access: Open-source tools enable organizations of all sizes to monitor and validate their data quality.

  • Providing self-service BI tools: Automates the process of testing and maintaining data quality, reducing manual workloads.

  • Enhancing real-time data analytics: Ensures clean and actionable data is always available for operational decisions.

  • Emphasizing data security and compliance: Offers robust features to protect sensitive data while maintaining high integrity across datasets.

4. Datalogz

DatalogzYear established: 2020
Location: New York, USA
Funds raised: $2.3 million

Bridging gaps in business intelligence environments, Datalogz offers tools that simplify data discovery and reduce BI sprawl. Their innovative platform ensures teams can find, understand, and use data effectively without duplicating efforts.

Why this startup made the list:

  • Integrating seamlessly with existing workflows: Connects BI tools to reduce redundancy and inefficiency across organizations.

  • Providing self-service BI tools: Empowers users to locate and analyze data without relying on IT support.

  • Democratizing data access: Simplifies data discovery, making BI tools accessible for non-technical users.

  • Prioritizing data visualization and storytelling: Offers intuitive dashboards to help users make sense of complex data.

5. Spindle AI

Spindle AIYear established: 2021
Location: San Francisco, USA
Funds raised: $5 million

By harnessing prescriptive analytics, Spindle AI optimizes decision-making through scenario-based simulations. Their platform enables businesses to predict ROI and improve operational strategies with unparalleled precision.

Why this startup made the list:

  • Leveraging AI and machine learning: Predictive and prescriptive analytics optimize business decisions with unparalleled accuracy.

  • Enhancing real-time data analytics: Offers insights into operational performance and ROI in real time.

  • Driving mobile-first BI experiences: Prioritizes tools that are accessible on mobile devices for on-the-go decision-makers.

  • Focusing on niche markets and specialized solutions: Provides tailored analytics solutions for industries like finance and retail.

6. Hex Technologies

Hex TechnologiesYear established: 2019
Location: San Francisco, USA
Funds raised: $28 million

Collaboration meets analytics in Hex Technologies, which offers a workspace where teams can explore and share data insights seamlessly. With Hex, businesses can move beyond spreadsheets to build data narratives collaboratively.

Why this startup made the list:

  • Prioritizing data visualization and storytelling: Transforms data into visually engaging narratives for collaboration and decision-making.

  • Providing self-service BI tools: Teams can analyze data independently in a secure and user-friendly environment.

  • Enhancing real-time data analytics: Encourages instant collaboration and analysis among team members.

  • Integrating seamlessly with existing workflows: Supports integration with popular BI tools and data pipelines.

7. Glean

GleanYear established: 2019
Location: Palo Alto, USA
Funds raised: $100 million

Glean uses conversational AI to transform enterprise search. Its platform personalizes answers by combining internal data sources, making finding and using business information seamless and efficient.

Why this startup made the list:

  • Leveraging AI and machine learning: Conversational AI delivers personalized, accurate answers from internal data.

  • Democratizing data access: Simplifies the process of finding critical information within an organization’s ecosystem.

  • Integrating seamlessly with existing workflows: Connects effortlessly with tools like Slack, Microsoft Teams, and Google Workspace.

  • Enhancing real-time data analytics: Enables quick and efficient information retrieval for time-sensitive decisions.

8. ThoughtSpot

ThoughtSpotYear established: 2018
Location: Sunnyvale, California, USA
Funds raised: $543 million

ThoughtSpot is reshaping BI with its AI-powered analytics platform. By enabling users to search and interact with their data using natural language, it makes business insights accessible to everyone in an organization, not just data specialists.

Why this startup made the list:

  • Democratizing data access: ThoughtSpot’s search-based interface allows anyone to explore and understand data intuitively.

  • Leveraging AI and machine learning: The platform’s AI-driven insights uncover patterns and trends that might otherwise go unnoticed.

  • Providing self-service BI tools: Teams can independently generate and interact with dashboards without relying on IT.

  • Enhancing real-time data analytics: ThoughtSpot integrates with data warehouses to provide live, actionable insights.

  • Prioritizing data visualization and storytelling: Presents complex data in digestible formats for better decision-making.

9. Rwazi

RwaziYear established: 2021
Location: Los Angeles, California, USA
Funds raised: $4 million

Rwazi specializes in market intelligence and consumer insights, focusing on emerging markets in Africa, South Asia, and Latin America. By leveraging a network of local mappers, Rwazi provides real-time BI reporting tools on consumer behavior, enabling businesses to make informed decisions in previously opaque markets.

Why this startup made the list:

  • Democratizing data access: Rwazi transforms offline business activities into online data, making market insights accessible for companies targeting emerging markets.

  • Focusing on niche markets and specialized solutions: Tailored for businesses seeking to understand consumer behavior in cash-based economies.

  • Enhancing real-time data analytics: Provides up-to-date information on market trends, allowing for timely and strategic decision-making.

  • Leveraging AI and machine learning: Utilizes advanced algorithms to analyze vast amounts of data collected from diverse sources.

  • Emphasizing data security and compliance: Ensures the integrity and confidentiality of collected consumer data.

10. Replai

ReplaiYear established: 2019
Location: Lisbon, Portugal
Funds raised: $5.5 million

Replai brings advanced video intelligence to marketers and creators. By analyzing content performance, Replai helps optimize engagement and ROI through actionable insights.

Why this startup made the list:

  • Prioritizing data visualization and storytelling: Analyzes video performance and presents insights in a clear, actionable format.

  • Providing self-service BI tools: Creators can optimize their video content strategies without technical support.

  • Driving mobile-first BI experiences: Supports content optimization on mobile devices for maximum accessibility.

  • Leveraging AI and machine learning: Uses advanced algorithms to track and improve video engagement metrics.

3 business intelligence startup business ideas

Now that we’ve seen the BI companies shaking things up, let’s jump into some startup business intelligence ideas.

1. Real-time data-driven workforce optimization platform

A platform that uses real-time data to allocate resources and optimize workforce productivity across industries.

  • The problem: Businesses struggle with efficiently allocating human resources to tasks, often leading to underutilization or overwork. This is especially problematic in industries like logistics and healthcare, where demand fluctuates rapidly.

  • The solution: The platform provides real-time analytics and predictive insights to optimize workforce allocation, balancing workloads, and increasing overall productivity through AI-driven scheduling.

2. AI-powered retail inventory forecasting tool

A business intelligence tool that helps retailers optimize inventory using AI and market data.

  • The problem: Retailers frequently suffer from stockouts or overstocking, leading to lost sales and high holding costs. Traditional forecasting methods often lack precision.

  • The solution: The tool analyzes real-time sales trends, seasonal patterns, and market conditions to provide highly accurate inventory forecasts, reducing costs and increasing profitability.

3. Data quality as a service (DQaaS) startup

A service dedicated to improving the quality of data for businesses using advanced validation and cleansing techniques.

  • The problem: Poor data quality hampers decision-making and leads to financial losses. Many companies lack the resources or expertise to ensure clean and reliable datasets.

  • The solution: This startup offers automated data validation, cleansing, and enrichment tools that integrate with existing BI platforms, ensuring businesses have accurate and actionable data.

Ready to build a BI SaaS startup?

The business intelligence industry is primed for innovation, offering immense opportunities for new players to address evolving market needs. Whether it’s one of the ideas we’ve outlined or a concept you’ve been developing, the demand for smarter, more accessible BI tools is only growing.

However, turning a great idea into a market-ready BI SaaS product requires more than just a vision. You need the right development partner to ensure your product is built efficiently and effectively. By partnering with a trusted development agency you gain the momentum to accelerate your product’s launch while focusing on other critical aspects of starting your business—like marketing, customer acquisition, and refining your business model.

At DevSquad, we specialize in helping entrepreneurs and startups build high-quality SaaS products that are scalable, user-focused, and ready for the demands of the market. From product strategy to development, our dedicated squads bring your vision to life and set you up for long-term success.

Ready to build a BI SaaS startup? Learn more about our SaaS development process.

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