I disagree on both counts, Medallia has been profitable for quite some time and it's growing really fast, so hardly a waste of VC capital.
On the engineering side, we do build new things, some are really challenging. For example we have a very cool real-time OLAP engine (we can render reports with a median time of 183ms, on datasets with a hundred million records and thousands of columns), our text analytics team does build it's own models (we have researchers on payroll), our sentiment analysis models for some industries are better than anything else out there, the testing infrastructure is wonderful, and there are things I cannot discuss
Working here I've met some of the brightest people in the world (I stand by that). In all, it's a great place to work as an engineer.