Cloud-based business analytics company Tidemark has secured $13 million in new venture funding for investment in its platform, bringing the total amount raised to over $48 million.

This round of funding was led by Tenaya Capital, along with participation from existing investors Greylock Partners, Andreessen Horowitz, and Redpoint Ventures.

The company noted that its business analytics platform will resolve possible analytics failures within enterprises, pointing to a report by IT research firm Gartner, Inc. (IT) as its reference. Gartner estimated that between 70 and 80 percent of all enterprise analytics projects fail.

Tidemark founder and CEO Christian Gheorghe said in his prepared remarks that legacy vendors prevent organizations from actively managing company performance because they rely on a few gatekeepers of information.

"The velocity of business and increasing importance of data outside a company’s walls have created new challenges that can’t be solved by focusing on a few power users who act as the gatekeepers to information," he said. "We’re excited about the caliber of customers we continue to add to the Tidemark family, and their trust in us to help facilitate the business transformation they are seeking."

Tidemark's technology aims to assist businesses with cloud-based planning, forecasting, and analytic applications that work for everyone on any device.