The Irvine, California-based start-up helps business analysts prep their data, allowing them to rely less on IT and data scientists. It licenses the platform under a subscription-based model to its 2,300 customers.
"We make it really easy for analysts around the world — the citizen data scientist — to become productive in their work," co-founder and CEO Dean Stoecker told CNBC's "Squawk Alley" on Friday. "The analytic process of yesteryear ... is completely broken."
Alteryx has incurred a net loss for the past three years, losing $24.3 million in 2016, according to the latest regulatory filings. But revenue has expanded rapidly, growing from nearly $38 million in 2014 to nearly $86 million in 2016.
The money raised in the IPO will go to the "next chapter" at the company, including jumpstarting growth and potentially making acquisitions, Stoecker said.
Alteryx's offering comes amid a revival of the technology IPO market, which withered over the past few years as more start-ups opted to stay on the private market. IPOs raised $18.8 billion in 2016, down dramatically from 2014's $86.6 billion, according to Renaissance Capital. But the recent IPOs of Snap and MuleSoft have primed the market for a potential uptick.
IPOs have been bolstered by gains in the overall market. There's only been one day this year where the Dow Jones industrial average and S&P 500 indexes have closed down more than 1 percent.
Watch Alteryx ring the opening bell