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Tidemark raises $13 million for cloud-based analytics

SAN FRANCISCO (Reuters) - Tidemark said Thursday it has raised $13 million in venture backing for its cloud-based analytics services, boosting the startup's efforts to challenge enterprise giants in a fast-growing sector of business technology.

The investment round, which brings Tidemark's total funding to $48 million, was led by Tenaya Capital, with participation by existing investors Greylock Partners, Andreessen Horowitz and Redpoint Ventures.

The Redwood City, California-based company, whose competitors include Oracle Corp's Hyperion and SAP , allows businesses to analyze data on a cloud-based basis, using remote computers rather than a customer's own computing infrastructure.

Cloud computing generally has more flexible costs and avoids the big upfront fees legacy players traditionally charge.

Tidemark, run by former SAP executive Christian Gheorghe, has been growing at a rapid clip as customers seek more speed and other services than traditional vendors offer.

(Reporting by Sarah McBride; Editing by Richard Chang)