Business planning platform startup Pigment SAS announced today that it had raised $145 million in new funding to continue driving innovation to fuel the adoption of its planning platform.

Founded in 2019, Pigment offers a cloud-based real-time business forecasting platform that handles business strategy. The platform offers an intuitive, full-spectrum view of a company that allows users to plot future scenarios through charts, simulations and continuous modeling.

The platform’s functionality includes the ability to break down silos through a single system of record and the provision of “shared understanding.” Pigment’s service ensures data integrity and consistency across models and shared metrics, the ability to replace email for conversations directly on Pigment and a focus on having employees aligned on definitions for critical metrics with syntax formulas and dependency diagrams similar to Microsoft Corp.’s Excel.

Coming into the new funding round, Pigment has seen strong growth, tripling its annual recurring revenue and doubling its customer base over the last year. Notable customers include Unilever PLC, Merck & Co. Inc., Keolis SA, Datadog Inc., KAYAK Software Corp. and 6sense Inc. Pigment has also expanded its partner network to include Deloitte Touche Tohmatsu Ltd., Slalom LLC and BearingPoint GmbH.

Pigment claims that central to its growth has been an emphasis on product innovations. One of those innovations was the launch of an artificial intelligence-based version of its platform in May 2023.

Pigment AI includes data querying, pattern identification, smart insights, automated analysis and reporting, and assisted modeling and scenario building. The AI functionality allows users to use natural language in a chatlike interface to obtain answers to questions in a quicker and more intuitive way.

ICONIQ Growth LLC led the Series D round, with Sandberg Investments Inc., Bernthal Venture Partners LP and previous investors Institutional Investors Partners LLC, Meritech Capital Partnes LP, Greenoaks Capital Partners LLC and Felix Capital Partners LLP also participating.

“Our north star has always been to combine an exceptional product and customer experience so that organizations can build the right plans and execute on them quickly,” Eléonore Crespo, co-chief executive officer of Pigment, said in a statement. “This funding puts us in an even stronger position to continue fulfilling this commitment.”

Including the new funding, Pigment has raised $393 million to date, according to data from Tracxn. Previous rounds include $73 million raised in November 2021, $65 million in September 2022 and $88 million in June 2023.

Image: Pigment