Mode Analytics Achieves 4th Consecutive Quarter of Accelerating Growth, Due to Demand for its Collaborative Data Science and Business Analytics Platform
Mode Analytics, the most comprehensive platform for collaborative Data Science and Business Analytics, today announced that it has achieved notable growth milestones in Fiscal Year (FY) 2022, ending January 31st, 2022, demonstrating its momentum within the growing data ecosystem.
“As evidenced by our rapid growth in FY 2022, Mode has identified a large and rapidly emerging market, and is uniquely qualified to serve it,” said Gaurav Rewari, CEO, Mode. “The company is quickly solidifying its reputation as the best way to conduct and share analysis on top of the modern data stack, and we are successfully expanding our audience in multiple ways, reaching beyond our core audience of data scientists to empower business stakeholders with data across the entire organization. We are also attracting larger enterprise brands that want to modernize their data practices and stay competitive.”
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In the past 12 months, Mode has achieved a number of significant goals relating to growth, and is on target to continue its pace of momentum in FY 2023:
- Achieved four consecutive quarters of accelerating growth
- Earned three customer service awards in 2021, including the Best in Biz Award for Outstanding Customer Service Department of the Year, a Gold Award in the 8th Annual 2021 Globee Sales and Service Excellence Awards in the category of “Best Use of Technology in Customer Service,” and a Gold Stevie® Award for Sales and Customer Service in the category of “Front-line Customer Service Professional of the Year.”
- Doubled Average Sales Price (ASP) from FY21 to FY22
- Grew Average Recurring Revenue by customer by 22% from the previous year. This number grows by over 200% after a customer has used Mode for 2 years, and 450% after using it for 4 years.
- Increased product trial sign-ups by 900%
- Boosted already best-in-class customer retention rates by over 10 percentage points
- Grew headcount by more than 60%, accelerating the pace of growth and product innovation
- Introduced Visual Explorer, a flexible visualization system analysts use to explore data faster and deliver easy-to-interpret insights to stakeholders
What Enterprise Customers Are Saying About Mode
Mode has several new enterprise customers at more than $1 million in revenue per contract. Mode customers span a wide array of vertical industries, such as fast-moving consumer goods (AB InBev), publishing (Condé Nast, New York Times), financial services (Square) and pharmaceuticals (Vertex). These enterprise organizations are achieving faster company-wide innovation as a result.
Here are is what enterprise customer are saying about Mode:
- “The Mode platform offers a fast, flexible and collaborative way to unlock the value in our data,” said Krystal Lau, Global Director, Data & Insights, Anheuser-Busch InBev. “Mode was selected by our data team as the platform of choice. Enabling our analysts to quickly identify insights and work across commercial and product teams to turn insights into action.”
- “Building The Mode Portal has given my team full control over the user experience and how we serve the business and their data needs,” said Danielle Carrick, Manager, Data Visualization Engineering, Condé Nast.
- With Mode’s new Visual Explorer, we can do everything we need within the platform,” said Neil Chainani, Data Science Lead, Square Cash App. “This saves time for my team and empowers us to do our jobs better.”
“While the concept of analytical (BI) platforms has been in existence for many years, it is recently that the underlying technologies have advanced, and the platforms have evolved to become more functional and more open,” said Howard Dresner, founder and chief research officer at Dresner Advisory Services. “This in turn makes an integrated platform a more viable choice for implementing BI and analytics programs.”
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