Data wrangling expert Trifacta has secured $100 million in financing. The round of funding adds new investors, including Telstra Ventures, Energy Impact Partners, NTT DOCOMO Ventures, BMW iVentures, and ABN AMRO Digital Impact Fund. It also includes additional investment from existing investors, including Accel Partners, Cathay Innovation, Google, Greylock Partners, Ignition Partners, and Infosys.
Trifacta says the new capital will be used to fuel adoption of its data wrangling platform, which provides a self-service approach to cleaning and preparing data. The investment will also accelerate the company’s continued expansion into new geographies, new verticals, and product areas. According to Trifacta, Telstra and NTT DOCOMO will be instrumental in increasing customer success in Asia Pacific and will help penetrate the telecommunications vertical respectively. Other strategic investors such as BMW, Energy Impact Partners, and ABN AMRO Digital Impact Fund will help to enable broader success in the automotive, energy, utilities, and banking.
Bad data is a universal problem for data scientists and analysts, and it has been estimated that they spend as much as 80% to 90% of their time just finding, cleaning, qualifying, and integrating data rather than doing actual analysis. In addition, high quality data is required to feed into newer systems that rely increasingly levarage AI and machine learning.
According to Harvard Business Review, “Poor data quality is enemy number one to the widespread profitable use of machine learning.”
Through a combination of human-computer interaction, machine learning, and scalable data processing, Trifacta says, its customers are able to modernize their approach to creating and managing their data pipelines since organizations can no longer rely on legacy, siloed data integration to handle the speed, scale, and diversity of today’s data.
Currently, says Trifacta, more than 10,000 organizations around the world, such as IQVIA, Visa, Autodesk, Kaiser Permanente, BNSF, PepsiCo, Stanley Black & Decker, Franklin Templeton, Sumitomo Banking Corporation, New York Life and The Commonwealth Bank of Australia, rely on its platform to enable data wrangling.
“For the last decade, companies have been trying to become more data driven, but most organizations have done little to enable people to get past all of the data friction that prevents them from asking and answering the most interesting questions,” said Adam Wilson, CEO at Trifacta. “By automating complex data engineering tasks and enabling increased levels of self-service, Trifacta ensures organizations can harness the collective intelligence of their teams and make everyone a data hero.”
Trifacta's data preparation tools natively integrate into all three major cloud providers—AWS, Microsoft Azure and Google Cloud. Trifacta’s approach to data cleansing is also leveraged by AI software vendors such as IBM and Google Cloud, according to Trifacta, which says that they distribute its technology as their data preparation standard to remove the critical barrier of poor data quality affecting their customer’s AI and ML initiatives.
For more information, go to www.trifacta.com.