Atheneum Raises $150M for Research as a Service Platform

The Rise of Data-Driven Insights: Atheneum Secures $150 Million Funding

In today’s data-centric landscape, often likened to the age of “data as the new oil,” Atheneum, a company specializing in data acquisition and analysis, has announced a substantial funding injection to fuel its expansion. This investment reflects the increasing demand for robust research solutions.

Atheneum’s Platform and Growth

Atheneum offers a platform enabling companies to conduct and analyze research through virtual interviews and surveys with key stakeholders. Their solutions encompass qualitative expert consultations, quantitative surveys, and advanced data products designed to interpret the results.

The company has successfully secured $150 million in funding. CEO Mathias Wengeler stated the capital will be allocated to geographic expansion, team growth, and further technological development.

Currently, Atheneum serves approximately 500 large enterprises across diverse sectors including life sciences, strategic consulting, investment services, and technology, media, and telecommunications. The platform boasts a network of over 680,000 experts and opinion leaders, alongside a vast collection of surveys and interviews.

A Profitable Startup with Impressive Trajectory

Founded in Berlin over a decade ago, with a secondary hub in New York, Atheneum has already achieved profitability. This funding round, spearheaded by Guidepost Growth Equity, with participation from existing and new investors, is strategically timed to capitalize on the company’s strong growth momentum.

In 2020, Atheneum experienced nearly 50% growth, which accelerated to 80% this year, according to Wengeler.

Driving Forces Behind Atheneum’s Success

Atheneum’s growth is propelled by two significant trends within the enterprise sector.

• Digital Transformation: The accelerated shift towards digital workflows, particularly spurred by remote work necessitated by COVID-19, has created a need for tools that facilitate virtual data collection and analysis.
• Data-Driven Decision Making: Companies are increasingly prioritizing data science and technology to enhance access to insights and inform strategic decisions.

This increasing reliance on data and feedback from the field is driving demand for innovative data solutions. The trends are considered sustainable, extending beyond the temporary effects of the pandemic.

From Consulting to Innovation

Atheneum’s founders – Mathias Wengeler, Ammad Ahmad, and Marta Margolis – all possess backgrounds in management consulting. Wengeler explained that his motivation for establishing Atheneum stemmed from a desire to directly address the growing need for primary research.

“The importance of primary and raw data is increasing,” he stated. “Direct observations, such as those made by a doctor, significantly influence pharmaceutical strategy, and these insights vary geographically. We recognized the need for more raw data and market research as the world becomes more interconnected.”

The Shift Towards Primary Research

Roshen Menon, who led the investment for Guidepost, highlighted a fundamental shift in research methodologies.

“There’s been a move away from relying on secondary research towards conducting primary research directly,” he explained. “Research is also becoming more specialized, focusing on specific problems rather than broad surveys.”

He further noted the trend towards specialized medicine and treatments for rare diseases, requiring access to granular data and insights.

A SaaS Model for Enhanced Client Engagement

Atheneum’s cloud-based SaaS platform combines technology with human expertise to deliver tailored solutions. This approach aligns with the evolving preferences of businesses seeking flexible and integrated IT services.

This model will inevitably attract competition from companies seeking to expand their presence in the “research-as-a-service” market. Potential competitors include survey platforms like SurveyMonkey and Mailchimp, as well as larger technology companies like Salesforce and Microsoft’s LinkedIn.

Potential Competition and Market Size

Even Google, with its extensive data and AI capabilities, could become a significant player in this space, potentially expanding its cloud-based services for business customers. Wengeler identified LinkedIn as a particularly active competitor in developing similar tools.

The potential market is substantial, with Deloitte estimating the data and intelligence market to be currently valued at $22 billion.

Financial Details and Future Outlook

Atheneum has historically maintained a relatively low profile, and the company is not disclosing its current valuation. However, Wengeler confirmed that previous funding totaled less than $20 million, and this latest investment provides new backers with a minority stake while the founders retain majority ownership.

Menon, who will join the board, revealed that Atheneum generates annual revenue “well north” of $50 million.