Monte Carlo, the data reliability company, has raised $25 million in new funding to spearhead the emerging Data Observability category and help organizations achieve more reliable data.
This Series B will allow Monte Carlo to continue to pioneer and lead the new Data Observability category, foster their fast growing community of users, and help organizations accelerate the adoption of data and analytics.
This brings the company’s total funding to more than $40 million and the announcement comes shortly after their Series A financing, led by Accel.
Redpoint Ventures, backers of Snowflake and Looker, and GGV Capital, investors of HashiCorp and Slack, co-led this round with participation from Accel.
Monte Carlo is also backed by DJ Patil, the former chief data scientist for the U.S., as well as top executives from Cloudera, eBay, Google, and VMWare.
Today, the average company spends upwards of $15 million annually tackling Data Downtime, in other words, periods of time where data is missing, broken, or otherwise inaccurate, and 1 in 5 companies have lost a customer due to incomplete or erroneous data. While the industry is bullish on big data (think: Snowflake’s landmark IPO, Google’s acquisition of Looker, and Salesforce’s purchase of Tableau), there isn’t a comprehensive solution to ensure that your data is accurate and reliable at every stage of the data life cycle.
By applying the same principles of application observability to data, Monte Carlo’s Data Observability Platform fills this void as the first end-to-end solution that allows data engineers and analysts to seamlessly monitor the health and dependencies of their data assets across the entire data stack, from ingestion to analytics - all in one collaborative interface.
Simultaneously, Monte Carlo provides CDOs and other data stakeholders with a holistic view of their company’s data health and reliability across critical business use cases.
“In 2021, data is a company’s most critical asset. As data pipelines become increasingly complex and companies ingest more and more data, often from third-party sources, it’s paramount that this data is reliable,” said Barr Moses, CEO and co-founder of Monte Carlo. “After talking to hundreds of data teams over the past few years, I was struck by the fact that organizations were investing millions of dollars and strategic energy in data, but decision makers and others on the frontlines couldn’t use it or didn’t trust it. Monte Carlo solves this problem by helping data teams unlock the potential of their data and finally trust it to deliver value for their companies.”
The company currently works with several Fortune 500 companies and is the leading Data Observability partner for the FinTech, e-commerce, media, B2B software, and retail industries, counting data teams at Compass, Eventbrite, Mindbody, and Hippo Insurance among their customers.
For more information about this news, visit www.montecarlodata.com.